Secret Mode's Chained Together deal extends a PE-backed playbook for acquiring viral co-op IP
Summary
Secret Mode acquired Chained Together from Anegar Games on June 2, 2026.
The viral co-op platformer has sold over 10 million copies since its June 2024 launch.
This is Secret Mode's second acquisition of a proven co-op hit in 10 months.
PE backer Emona Capital funds the deals; Secret Mode runs diligence internally.
CEO Ed Blincoe confirms access to capital for additional acquisitions.
"Acquisitions like this are a core pillar of our strategy, alongside signing new titles to publish"
01
Two deals in 10 months establish a repeatable acquisition template
Both Chained Together and Escape the Backrooms are co-op multiplayer titles with proven viral ceilings.
Chained Together peaked at 94,480 concurrent players at launch.
Its June 4, 2026 daily peak was 5,842 - a steep decline signaling reactivation upside.
Escape the Backrooms concurrent players jumped from ~7,500 to ~17,000 in one week.
That spike was partly driven by A24's Backrooms film becoming the studio's top US opener.
The pattern: acquire Steam-native co-op IP with lapsed but recoverable audiences.
02
Emona Capital deploys PE capital on demand while Secret Mode sources deals
Secret Mode became independent from Tencent-owned Sumo Group in March 2025 with Emona's backing.
Emona previously enabled acquisitions of Escape the Backrooms and Star Wars: Galactic Racer.
Blincoe says Secret Mode led diligence; Emona contributed financial expertise.
"Through Emona we have access to significant further investment if and where it's needed for additional deals like this"
Deal terms were not disclosed.
The structure resembles a scalable M&A vehicle: lean operator team with PE capital on call.
03
Outsourced co-development keeps headcount lean across multiple live titles
Secret Mode does not rebuild acquired games in-house.
Blackbird Interactive (Hardspace: Shipbreaker) handled the Escape the Backrooms console port.
Blincoe says Secret Mode is "very close to signing a new development team" for Chained Together.
That team has experience "working with existing IP" but has not been named.
This model enables parallel content roadmaps without proportional headcount growth.
Scaling depends on a reliable bench of external studios willing to work on acquired IP.
04
Reactivation timeline is the key execution risk
Chained Together's concurrent players fell over 93% from launch peak to current daily peak.
Blincoe frames the plan as re-engaging existing players and attracting new ones simultaneously.
"We're looking at what the existing audience has been asking for since launch, and what new experiences we can give to those players and new ones to get folks excited about this game all over again"
No specific content plans or timelines have been disclosed.
Escape the Backrooms' 1.0 Steam release is set for October 23, 2026.
Co-development partners and investors should watch for the content roadmap reveal as the next signal.
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