Secret Mode Acquires Chained Together From Anegar Games

Why It Matters

The acquisition gives Secret Mode a high‑performing IP with an established community, enabling immediate revenue streams and a platform for further growth funded by Emona Capital. It also highlights the accelerating consolidation of indie publishers driven by private‑equity backing.

Key Takeaways

• Secret Mode bought Chained Together, 10M copies sold
• Emona Capital backs acquisition, offers future funding
• New dev team to create post‑launch content
• Prior Escape the Backrooms deal boosted console launch
• Player peak 94,480; current 5,842 daily

Pulse Analysis

Private‑equity involvement is reshaping the indie publishing landscape, and Secret Mode’s recent spin‑off from Sumo Group illustrates that shift. With Emona Capital’s financial muscle, the UK‑based publisher can act quickly on acquisition opportunities, bypassing the slower capital‑raising cycles that traditionally limited smaller studios. This model mirrors broader trends where venture‑style investors seek to assemble portfolios of proven digital entertainment assets, betting on recurring revenue from live‑service updates and cross‑platform expansions.

Chained Together represents a rare blend of strong sales figures and a dedicated co‑op community. Selling over 10 million copies in its first year and reaching a historic 94,480 concurrent players at launch, the game offers Secret Mode a sizable, monetizable user base. By securing the title, Secret Mode not only inherits immediate cash flow from existing sales but also gains leverage to negotiate licensing, merchandising, and potential esports initiatives. The company’s plan to onboard a seasoned development team signals an intent to transition the title from a launch‑phase hit to a long‑term live service, a strategy that has proven lucrative for similar co‑op franchises.

The broader implication for the market is a heightened focus on content longevity and community engagement. As Secret Mode prepares new updates for Chained Together, it will likely employ data‑driven design, targeting the 5,842 daily players still active while re‑engaging lapsed fans through fresh modes or seasonal events. This approach dovetails with the recent success of Escape the Backrooms, where a film tie‑in sparked a dramatic player surge. Investors and developers alike will watch Secret Mode’s execution closely, as it could set a template for how private‑equity‑backed publishers scale indie hits into sustainable revenue engines.

Deal Summary

UK publisher Secret Mode announced on June 2 that it has acquired the co‑op platformer Chained Together from developer Anegar Games. The acquisition was backed by private‑equity firm Emona Capital, enabling Secret Mode to expand its portfolio of multiplayer titles. Deal terms were not disclosed.