FIRY Inc. (NYSE: FIRY) has completed the sale of its entire equity stake in Exit Games to Exit Games for total cash consideration of US$55 million. The transaction closed on Friday, October 2, 2026, and FIRY has received the proceeds in full. The sale represented approximately 10.5% of Exit Games' outstanding share capital, marked a fully realized cash exit from the company's July 2021 investment, and provides a rare liquidity example from a challenging venture vintage.
A Rare Outcome for a 2021 Vintage
The transaction delivered a gross cash return of approximately 1.1x on FIRY's original investment. In comparison, 2021 vintage United States venture capital funds had distributed an average of 0.05x of paid-in capital at their five-year mark, the lowest for any vintage after five years since 1997. FIRY's realized return is approximately 22 times that average, reflecting a meaningful contrast with broader venture fund performance in the same period.
Management Cites Optionality
Andrew Paradise, CEO and Founder of FIRY, said Exit Games has built a strong business around Photon and that FIRY is rooting for its continued success. He noted that the investment was made in 2021 at what turned out to be the height of the venture market over the last decade. Paradise added that cash proceeds above the purchase price give FIRY optionality in its other endeavors while many 2021 funds still hold illiquid positions.
Investment History
FIRY acquired its minority stake in Exit Games in July 2021 for a purchase price of US$50 million. The transaction was completed under the company's former name, Skillz Inc., near the peak of private technology valuations during that period. The stake represented approximately 10.5% of Exit Games' outstanding share capital and has now been sold back to the company in full.
FIRY's Holding Company Focus
FIRY is a global holding company built to fuel business potential across a growing portfolio that includes Skillz, RZR, and Beamable. The company operates at the intersection of content, identity, commerce, and performance marketing, leveraging first-party data and enterprise-scale infrastructure to support scalable growth. It maintains a disciplined focus on capital efficiency and long-term value creation through scalable operating systems.
Exit Games and Photon
Exit Games is founder-owned and self-funded, with a mission to make Photon the standard for multiplayer networking across the gaming industry. Photon powers global titles including Stumble Guys and supports thousands of games across all major engines and platforms. The Hamburg-based company operates independently and has built its technology into a widely adopted infrastructure layer for real-time multiplayer gameplay.
Market Context and Data Note
The comparison data comes from PitchBook, a Morningstar company, and reflects fund-level averages for United States venture capital funds, net of fees and carry. FIRY's 1.1x return reflects gross cash proceeds on a single investment rather than a net fund-level figure. The company said the 2021 vintage remains largely illiquid, making a fully realized cash exit particularly notable.
FIRY's fully realized cash exit provides a measurable liquidity outcome at a time when many 2021 venture investments have produced minimal distributions. The transaction returns capital to the balance sheet above the original purchase price and supports the company's focus on optionality and capital efficiency. It also illustrates the gap between FIRY's realized return and the broader 2021 venture fund average.