Cold River Games has secured $2 million in fresh funding to bring its upcoming free to play ARPG, Crystalfall, to life. The investment round was led by Beam Investments and joined by Partnerinvest Norr, CoinFund, Avalanche Foundation, and A100X.

The Swedish game studio, based in Umeå, plans to use the funds to finish the game and launch it on Steam for PC players in 2025.

Funding and Vision

CEO Åke André said the funding round came at a crucial time.

"I've seen a lot of studios that have failed to raise money lately because the market is very tough," he said. "It's a positive in the sense that the money was very easy to come by. In the past, I think VCs were just throwing money to the left or right. And later they wanted more KPIs and were more conservative. It means a lot we were successful with a Swedish investor coming into a Swedish game studio. I'm very happy."

Cold River Games plans to make Crystalfall a standout title in the action RPG space. While the team has not confirmed the full scope of blockchain features, it says that web3 elements may support the game's item economy.

"We are incredibly grateful to have such strong partners backing our studio and believing in our vision for Crystalfall," André added.

What to Expect from Crystalfall

Crystalfall is set in a post-apocalyptic steampunk world where a strange asteroid has shattered reality. You play as a hybrid mutant, animal-human characters like lion-like Knights, fox-like Gunners, and crow-like Technomancers. Each class has unique traits and weapons, and each build can be customized through loot-based skills.

The game mixes hack-and-slash combat with deep theorycrafting. Loot is king, and most gear drops with procedurally generated skill trees. This design encourages creative builds and a layered strategy. With its isometric camera angle, Crystalfall will feel familiar to fans of games like Diablo II and Path of Exile.

André and the team have focused on making loot both fun and fair. Blockchain may be used to support that aim.

"While our main priority has always been to make a fun game, maintaining a secure game economy is an important part of games focused on loot progression," André said.

He explained that blockchain tech offers a secure way to manage items in a loot-heavy game.

"While this technology isn't suitable for all types of games, we find that it has a place in ARPGs where it can enhance the barter economy," he said.

Items on a blockchain become traceable. This helps prevent scams and fraud, and adds a history to every item traded between players. Still, Cold River Games is focused on making sure the gameplay feels seamless.

The team is "removing user friction and optimizing user experience to the degree that blockchain does not disrupt the normal game experience."

Gameplay and Features

Players begin by picking a class. Knights are close-range tanks with control abilities. Gunners use fast, ranged weapons. Technomancers, recently added, fight with magitech staves and control the battlefield from mid-range.

You explore randomly generated dungeons, fight steampunk creatures, and loot gear. Each item can contain skill trees of its own, making every drop potentially unique. The game has a detailed talent system for building out your character's strengths.

Multiplayer co-op is supported, along with guild systems and trading. Seasonal content keeps the game fresh with resets that encourage new builds and metas. These seasonal resets are tied to in-game lore events called the Nexus.

"Crystalfall isn't just another ARPG," said Parker Heath, gaming lead at Avalanche Foundation. "It's a bold bet on where the future of gaming is headed. The Cold River Games team has the pedigree, vision, and execution to break through not only in web3, but across the entire industry. At Avalanche, we're backing builders who raise the bar, and this team is doing exactly that."

Cold River Games: A Brief Overview

Cold River Games, once known as Crypto Rogue Games, was founded in 2021 by André and creative director Daniil Sanders. Both founders have roots in Sweden's Umeå region, and the studio's new name nods to the nearby Umeälven (Ume River).

The 23-person team brings veteran experience from acclaimed studios like Grinding Gear Games (Path of Exile), Paradox (Stellaris), and Fatshark (Warhammer: Vermintide). That background helps explain the heavy focus on loot depth, item progression, and strategic buildcrafting in Crystalfall.

"We have been running a few studios before," said André, noting that the team has been making games since 2000.

Community and Traction

Since its announcement, Crystalfall has drawn attention. The game has over 20,000 Steam wishlists, more than 12,000 members in its official Discord, and around 100 player ambassadors who help grow its online presence.

Internal tests have been positive, and feedback suggests a strong appetite for this type of game. The studio believes that the mix of classic ARPG mechanics with modern touches, like item-based skills and online co-op, can help it stand out.

The art direction leans into steampunk, a visual theme that André says is "an underserved niche." This distinct look could help the game attract fans of fantasy and sci-fi alike.

Looking Ahead

Cold River Games will use the new funding to complete development and refine the game before launch. A beta version is expected ahead of the full release on Steam in 2025.