FIRY has fully divested from Exit Games, selling its 10.5% stake in the Hamburg-based company for $55 million in cash. The deal closed on October 2, 2026, and FIRY received the full proceeds. Exit Games is best known as the developer of Photon, a multiplayer networking technology used across the games industry.
FIRY first invested $50 million in Exit Games in July 2021, when it still operated under the name Skillz Inc. The $55 million payout works out to a realized cash return of roughly 1.1x, meaning the company got back more than it put in.
Founder and CEO Andrew Paradise framed the result as a win in a tough environment. He said the investment was made at what turned out to be the peak of the past decade’s venture market. By his account, the average fund from the 2021 vintage has returned only about five cents on the dollar to investors, with most of the rest still locked in illiquid valuations. FIRY, by contrast, walked away with cash and a profit.
More Flexibility for Other Ventures
According to Paradise, the proceeds give FIRY more room to maneuver. Cash back on the balance sheet means more optionality for the company’s other businesses, a point he stressed in explaining the decision to exit. He also spoke warmly of the team on the other side of the deal, saying Exit Games’ management had built a strong business around Photon and that FIRY is rooting for its success.
What Exit Games Does
Photon provides networking tools that let developers build multiplayer experiences across major game engines and platforms. Exit Games says thousands of games rely on the technology, including the popular title Stumble Guys. That broad adoption is part of what made the company an attractive investment in the first place.
For FIRY, the sale closes a five-year chapter. For Exit Games, it marks a change in its shareholder base while its core product continues to power online play for developers and players around the world.
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