Nova Assembly is a holding company founded by Sad Cat Studios, Unfrozen, VEA Games, Game Garden and Weappy. It is co-owned and run by the participating studios. Rather than merging teams or centralising projects, Nova Assembly maintains the creative freedom of the studios while enabling them to support each other across development and marketing. We spoke to Denis Fedorov, the founder of Unfrozen and the CEO of Nova Assembly, about the reasons behind setting up the holding company, Cyprus's role in this and how its organisation compares to that of Kepler Interactive. We also discussed their plans to establish a publishing arm and whether the creation of the company is a response to the current market environment.

The five studios that founded Nova Assembly have several things in common. They are all headquartered in Cyprus, having previously been based in Russia or Belarus, but having relocated due to the war in Ukraine. All studios are also part of GEM Capital's portfolio. As a games investor, GEM Capital has an office in Paphos, Cyprus. In 2021, Unfrozen received a $1.7 million investment from GEM Capital. In October 2023, Sad Cat Studios secured $5 million in funding from GEM Capital. In May 2024, VEA Games, Game Garden and Weappy received backing from GEM Capital in a joint funding round totalling $5 million.

Unfrozen, Sad Cat Studios, VEA Games, Game Garden and Weappy founded the developer-led holding Nova Assembly © Nova Assembly

GamesMarkt: How exactly did these five studios come together? What connects them?

Denis Fedorov: "The story behind Nova Assembly is, in many ways, a natural one. We are among the most prominent independent studios based in Cyprus, working on some of the world's most ambitious and highly anticipated projects in development today. Over the years, our paths have crossed time and time again at industry events, conferences, and showcases. We have presented our projects side by side, compared results, and discussed what worked and what did not. We have turned to one another for advice on development challenges and marketing decisions. Long before Nova Assembly became a formal idea, there was already a shared space between us."

"Just as importantly, we found that we were aligned in less tangible ways, in how we think about games, about creativity, and about the role of studios in today's industry. We face similar challenges, are driven by similar ambitions, and share a common cultural and creative outlook. In that sense, Nova Assembly is not the result of a single decision, but the natural continuation of a relationship that had already been forming for years."

The major games from the studios that are part of Nova Assembly. © Sad Cat Studios, Unfrozen, VEA Games, Game Garden and Weappy

GamesMarkt: Why did they choose Cyprus as their headquarters?

Denis Fedorov: "For us, Cyprus is not just a location. It is an ecosystem. In recent years, the country has rapidly grown into a thriving hub for game development. Today, more than 300 studios operate here, collectively generating over 1.5 billion dollars in revenue. Around them, a robust professional environment has emerged, with conferences, meetups, and a steadily growing pool of experienced developers and specialists. This density of talent and opportunity creates something invaluable. The ability to meet, exchange ideas, collaborate, and build trust not over distance, but face to face. Nova Assembly was born within this environment, and it continues to be shaped by it."

GamesMarkt: Why was Nova Assembly founded now? And why in this particular market environment?

Denis Fedorov: "In many ways, Nova Assembly is our direct response to the current state of the industry. In recent years, we have seen a growing imbalance between creative ambition and corporate priorities. Layoffs, studio closures, and cancelled projects have become increasingly common, often driven not by creative or long-term considerations, but by short-term metrics. At the same time, the pressure of scale has made it harder for individual studios to take risks, retain their identity, and bring original ideas to life. What seemed yesterday like the inevitable costs of big money and massive scale has today taken on a new character, one that is truly cruel and inhumane."