CMON valued at more than $7.5m through successful share sale, will put bulk of proceeds towards new game development

Board game crowdfunding major CMON has secured new capital for game development thanks to a successful share sale, which values the business at more than $7.5m.

The much-needed capital raise is the latest move by CMON as it continues its attempt to recover from massive losses racked up over the past two years.

CMON suffered two failed efforts to bring in new shareholders last year to bolster its working capital, having posted losses of nearly $7m in the first half of 2025 and another $3m across 2024 – figures which dwarfed the overall $4.2m profit it had managed to make over the previous nine years combined.

The new share sale sees six extra shareholders come into the business, holding a combined 16.66% of the company – and gives CMON a valuation more than 50% higher than that expected through the failed share placement from two months ago.

CMON said more than half of the HK$9.4m ($1.2m) proceeds would go towards game development, including prototype design, content development and artwork creation, while another HK$2.35m would be used for marketing and events, including participation in trade fairs and promotional campaigns.

The company has been scrambling to stem growing losses since the start of last year by laying off staff, halting new game development and campaign launches, and selling off a string of its biggest IPs.

Those IP sales have included Blood Rage, Rising Sun and its most famous and profitable title, Zombicide, as well as Cthulhu: Death May Die and former Mythic Games titles Anastyr and Hel: The Last Saga.

CMON announced towards the end of last month that more IP sales could be on the way, alongside making an apology for delays to its outstanding crowdfunds – some of which are now running almost two years beyond initial delivery estimates.

The company’s remaining significant IP includes the Massive Darkness series, with the most recent installment, Massive Darkness: Dungeons of Shadowreach, completing a $2.85m crowdfund on Gamefound early last year – a figure which rose to more than $3.7m including late pledges.

CMON’s eight undelivered campaigns include DC Super Heroes United, which raised more than $4.4m, and DCeased, which brought in over $2.5m. Both campaigns were initially due to be delivered last year.

It also has five undelivered pre-order campaigns on its books, including Dune Desert War and the Assassin’s Creed Role Playing Game.

More details about CMON’s current financial situation are set to be unveiled by the end of next month, with the publisher required by Hong Kong stock exchange rules to submit its annual results by that date.

Last year CMON missed the stock exchange deadline for publishing its financial results, blaming an understaffed finance department – a situation which saw its shares suspended from trading for several weeks.

The company announced last July that rather than focusing on large scale, miniatures heavy crowdfunding campaigns, it had pivoted to releasing several small-box games direct to retail, which it showed off at the Spiel Essen game fair last October.

Those titles include Collect!, Peanuts Talent Show, Fairy Perfume, Rocket Punch and Yokai Carnival.