Hauntii and Falling Out publisher Firestoke is closing its doors and looking to secure a new home for its portfolio of titles.
Firestoke CEO and founder Paul Farley shared the news on Linkedin and explained the company ran out of runway despite being on the "path towards profitability."
"The harsh reality is that we ran out of runway and found the current fundraising environment a hurdle we couldn't overcome. In lieu of a hit game unfortunately there wasn’t any way to continue the journey," he said.
"There are no regrets. We signed great games that met our criteria for joyful and innovative fun. The creative and data driven insights we leaned into supported these choices and we built a capable small team with excellent internal processes."
Despite those successes, Farley said the company didn't deliver the breakout hit needed to level up in a competitive market. As a result, the Edinburgh-based indie publisher will shut down after four years.
"The outcome wasn’t what I had hoped for, but I'm glad to have had the opportunity. It's been a fun ride while it lasted. Thanks to you all," added Farley.
"What's next? The immediate focus is upon securing a new home for our portfolio and the development studios behind those games. This is progressing well and hopefully there will be news to share very soon."
Farley indicated the Firestoke brand could live on and said he'll be managing the closure "in the best possible way" by prioritizing "transparency, honesty and fairness."
