No Risk, No Value: The Publishing Success of Kepler Interactive Through the Lens of Its Unique Business Model

Kepler Interactive is a publisher that values risks and considers the interests of indie studios. What sets the company apart from its competitors is its unique operational approach, which involves joint ownership of the business alongside developer partners. We explore how this model is structured and the successes Kepler has achieved over three years.

A key figure at Kepler Interactive is Alexis Garavaryan, a French gaming investor residing in Singapore. Since 2006, he has worked with Apple, Ubisoft, Microsoft (on the indie program ID@Xbox), and Tencent (helping Western indie studios publish games in China).

The pivotal moment in his career came in 2017 when Garavaryan launched the Kowloon Nights fund. During its operation, the team has supported dozens of indie games, including Spiritfarer, Scorn, and Sea of Stars. Investments range from $500,000 to $10 million, with the total volume of the fund eventually exceeding $100 million.

Garavaryan aimed to change what he perceived as unequal relationships between developers and publishers. This was reflected in the democratic conditions under which Kowloon collaborates with studios: