Coffee Stain Acquires Chronicles: Medieval IP for DKK 36.75M

Coffee Stain Group has acquired the intellectual property and assets for Chronicles: Medieval from the bankruptcy estate of Copenhagen-based developer Raw Power Games, the company announced today in an official press release. The purchase price is DKK 36.75 million (approximately $5.3M USD) in cash.

Raw Power Games was declared bankrupt on October 30, 2026. Coffee Stain’s winning bid came through a sale process run by the bankruptcy estate. The IP will be held by a newly established company owned 75 percent by Coffee Stain and 25 percent by key members of the game’s original development team.

Chronicles: Medieval is a medieval sandbox game where players build and command armies, fight in large-scale battles, and shape their own journey. It has been in development since 2022 and, per Coffee Stain, ranks among the top 30 most wishlisted games on Steam as of today. The Steam page currently shows a 2027 release window.

“Chronicles: Medieval made a strong impression at its reveal at Summer Game Fest last year,” said Anton Westbergh, CEO of Coffee Stain. “We’re happy to step in and help bring it to the players after the recent developments in Copenhagen. Our short-term focus will be on working out how best to complete the game, together with the new company’s management team.”

Coffee Stain will fund the full purchase price and continued development through an investment agreement. The transaction is expected to complete in the coming weeks once the purchase price is paid to the bankruptcy estate.

Coffee Stain’s acquisition follows a familiar pattern: stepping in when a promising indie project hits financial trouble, similar to their publishing of Deep Rock Galactic (which hit 10M sales in 2024) and Valheim. The DKK 36.75M price is modest for a top-30 Steam wishlist title, reflecting the bankruptcy discount. The 25% stake for original team members is a notable retention move — keeping the creators invested in finishing the game. The 2027 window remains intact for now, but Coffee Stain’s “short-term focus” on completing development suggests the timeline could shift. Our Indie Spotlight covers games in similar positions, and the Deal Radar tracks indie price drops.

Do you think Coffee Stain’s hands-on publishing approach will help Chronicles: Medieval hit its 2027 window, or does a bankruptcy rescue usually mean delays?

Edited by Kerwin Stewart, Editor-in-Chief · How we report