People Can Fly

People Can Fly

Global game developer using Unreal Engine

Overview

People Can Fly is a global video game developer with studios in Poland, the UK and North America. They build action games and RPG shooters, using Unreal Engine to power titles such as Painkiller, Bulletstorm, and Outriders across many platforms. The company stands out because of its long shooter heritage, strong engine expertise, multinational teams, and close collaborations with partners like Microsoft, Krafton, and Sony, plus a growing self-publishing and VR portfolio. Its goal is to deliver high-quality experiences across genres and platforms, expand its self-publishing model, and explore new technologies with partners.

About People Can Fly

Simplify's Rating
Why People Can Fly is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Entertainment

Gaming

Company Size

201-500

Company Stage

IPO

Headquarters

Warsaw, Poland

Founded

2002

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Simplify's Take

What believers are saying

  • April 2026 Cooldown brings veteran publishers, platform relationships, and 2026-2027 launches.
  • March 2025 Sony signed Project Delta, adding another milestone-funded revenue stream.
  • People Can Fly now targets recurring publishing income instead of pure hit-driven self-publishing.

What critics are saying

  • June 2025 suspended Gemini and Bifrost after publisher silence and cash-flow strain.
  • December 2024 and June 2025 layoffs cut over 230 employees, crushing continuity.
  • If Project Delta or E-Day slip, PCF becomes a contractor without owned hit IP.

What makes People Can Fly unique

  • April 2026 Cooldown Games acquisition restores publishing and third-party distribution capabilities.
  • People Can Fly still wins work-for-hire from Microsoft, Sony, Krafton, and 2K.
  • Gears of War: E-Day keeps PCF embedded with Xbox's flagship shooter pipeline.

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Funding

Total Funding

$50.8M

Above

Industry Average

Funded Over

1 Rounds

IPO funding comparison data is currently unavailable. We're working to provide this information soon!
IPO Funding Comparison
Coming Soon

Benefits

Health Insurance

Dental Insurance

Flexible Work Hours

Remote Work Options

Paid Vacation

Paid Sick Leave

Paid Holidays

Wellness Program

Mental Health Support

Professional Development Budget

Stock Price

Company News

CEE Legal Matters
Jun 19th, 2026
PCF Group acquires Cooldown Games publishing rights for $1.5M in Greenberg Traurig-advised deal

Polish gaming company PCF Group has acquired publishing rights to three video games from Cooldown Games for approximately $1.5 million. Cooldown Games has committed to reinvesting the proceeds into newly issued PCF Group shares and facilitating additional investment from associated investors. In connection with the transaction, PCF Group offered approximately 3.5 million Series I shares at PLN 4.00 per share through an accelerated bookbuilding process. The proceeds will finance the acquisition of publishing rights and the development and release of the games. Greenberg Traurig advised PCF Group, with a team including partner Rafal Sienski, counsel Grzegorz Socha and senior associate Adam Marszalek. Rymarz Zdort Maruta, working with Perkins Coie, advised Cooldown Games.

Game Developer
Apr 27th, 2026
People Can Fly acquires Texas-based publisher Cooldown Games

The Polish studio hopes the move will create 'incremental revenue streams' to help it regain traction and scale.

Gematsu
Apr 24th, 2026
People Can Fly acquires Cooldown Games.

People Can Fly acquires Cooldown Games. People Can Fly to establish a dedicated publishing vertical within the group. People Can Fly has acquired the Cooldown Games brand and its publishing rights, and will establish a dedicated publishing vertical within the group's operating structure, the company announced. The acquisition advances People Can Fly's strategy to strengthen its self-publishing activity. Under People Can Fly, Cooldown Games will operate as an independent publishing division. The existing Cooldown Games leadership team will remain in place to lead the division. People Can Fly will leverage Cooldown Games' existing infrastructure, platform relationships, and commercial expertise. The publishing division will provide targeted support to internally developed titles, as well as pursue third-party publishing agreements. "Although we are strongly focused on the work-for-hire segment to achieve positive cash flows across the Group, we have never intended to abandon our publishing plans," said People Can Fly Group CEO Sebastian Wojciechowski in a press release. "Rather, we have been waiting for the right moment for them to regain traction and scale. While this is happening somewhat earlier than we originally anticipated, it is based on two key pillars: the trust in the Cooldown Games team built over the years, and an approach in which the publishing segment is intended to be revenue-generating from the outset, rather than cost-intensive." Cooldown Games CEO Steve Gibson added, "We've built Cooldown Games around championing exceptional developers and bringing their games to players around the world. Joining People Can Fly gives us the scale, resources, and long-term stability to do that at an even higher level. We know firsthand the great work that this team is capable of, and we're excited to build the next generation of great games together." According to People Can Fly, the acquisition enables it to: * Generate recurring revenue via third-party publishing agreements. * Recognize increased profit margins on internally developed titles. * Improve capital allocation discipline through integrated greenlight oversight. * Enhance strategic flexibility for future M&A or IP monetization initiatives. "Rebuilding our publishing capabilities is an important step in People Can Fly's continued evolution," added Wojciechowski. "Bringing the Cooldown Games team into the organization allows us to build on the publishing foundation we've been developing for years while strengthening our ability to take great games to market globally. This structure strengthens our control over commercial outcomes and positions us to capture greater value across the lifecycle of our titles, addressing challenges we have faced in the past."

WorthPlaying
Apr 24th, 2026
People Can Fly acquires Cooldown Games to establish dedicated publishing division

People Can Fly Group has acquired the Cooldown Games brand and publishing rights, establishing a dedicated publishing division within its operating structure. The existing Cooldown leadership team, including CEO Steve Gibson, will remain in place to lead the vertical. The acquisition enables People Can Fly to internalise go-to-market strategy and commercial optimisation across its development portfolio whilst pursuing third-party publishing agreements for additional revenue. The two companies previously collaborated on Bulletstorm: Full Clip Edition, which sold over one million units worldwide. People Can Fly, which employs over 400 staff across Poland, the UK, Canada and the US, works with partners including Microsoft, Krafton, Sony Interactive Entertainment and 2K Games. Multiple Cooldown titles are planned for launch across 2026 and 2027.

Greenberg Traurig
Aug 30th, 2025
Greenberg Traurig Represented PCF Group in connection with the Public Offering of New Issue Shares | News | Greenberg Traurig LLP

WARSAW – 18 August 2025 – Greenberg Traurig advised PCF Group on its public offering of newly issued shares conducted through an accelerated bookbuilding (ABB) process.

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