FIRY Sells Exit Games Stake for $55 Million in Cash, 22x the 2021 Vintage Average DPI
Business Wire•05/10/2026•08:45 ET
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Key Highlights
- ➤Exit Games stake sold for $55 million cash, representing approximately 10.5% ownership
- ➤Transaction delivers approximately 1.1x FIRY’s original $50 million investment
- ➤FIRY’s realized return is approximately 22 times the 2021-vintage fund average
- ➤Cash proceeds received in full, giving FIRY optionality for other endeavors
Expert Statements
Andrew Paradise, CEO and Founder of FIRY
“Exit Games’ management has built a great business around Photon, and we are rooting for them.”
Andrew Paradise, CEO and Founder of FIRY
“We invested in Exit Games in 2021, at what turned out to be the height of the venture market over the last decade.”
Andrew Paradise, CEO and Founder of FIRY
“Five years later, the average 2021-vintage fund has distributed five cents on the dollar, and most of that vintage is still sitting in illiquid marks.”
Andrew Paradise, CEO and Founder of FIRY
“We are exiting in cash and above our purchase price.”
Andrew Paradise, CEO and Founder of FIRY
“Cash back on the balance sheet gives FIRY optionality in our other endeavors.”
FIRY Sells Exit Games Stake for $55 Million in Cash, 22x the 2021 Vintage Average DPI
Fully realized cash exit from a 2021 vintage where the average U.S. venture fund has returned five cents on the dollar
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