Investor Opportunity · Seed Round · €1.5M

Waters of Ragnarök

Polar Region Games · Reykjavík, Iceland

A post-apocalyptic Norse mythology naval survival game. Command a Viking longship, battle mythological horrors, and lead your crew to Gimlé — the last safe haven at the end of all things.

€1.5M
Funding Ask
6
AAA Veterans
Q3/Q4 '27
Early Access
3.1x
Target ROI
Scroll
The Opportunity

A Vast, Underserved Sea

$4.2B
Survival Game Market (2024)
Growing to $10.7B by 2033
40M+
Sea of Thieves Players
Proven appetite for naval games
12M+
Valheim Copies Sold
Norse survival is a proven genre

The Gap We Fill

Despite the massive success of Viking-themed games and naval adventures, no title has successfully combined deep survival mechanics, naval-first gameplay, and authentic Norse mythology in a single experience. Valheim is land-based. Sea of Thieves lacks survival depth. Skull & Bones lacks mythological immersion.

Waters of Ragnarök occupies a uniquely defensible position at the intersection of all three, targeting a combined addressable audience of over 80 million players across the survival, naval, and Norse mythology genres.

MARKET POSITIONING
Survival DepthWoR: 95%
Naval FocusWoR: 95%
Norse MythologyWoR: 95%
Story DepthWoR: 80%
Waters of Ragnarök Competitors
The Game

Waters of Ragnarök

Waters of Ragnarök

Command. Survive. Conquer.

Waters of Ragnarök is a post-apocalyptic Norse mythology naval survival game in which you command a mighty Viking longship across a dying, monster-haunted world. Explore treacherous seas, gather scarce resources, and manage your crew as the apocalypse unfolds around you.

Master skill-driven ship-to-ship combat, face mythological horrors of the deep, and forge your own path through a brutal, story-driven world — trading, upgrading, and modifying your vessel to survive the chaos. Your ultimate quest: reach Gimlé, the last safe haven at the end of all things.

Naval Combat
Skill-based ship battles
🛡️
Crew Management
Lead your Viking crew
🗺️
Open World
Explore Norse realms
⚒️
Ship Crafting
Upgrade & modify your vessel

Content Roadmap — The Nine Realms

Miðgarð
Early Access
The mortal realm — core gameplay loop
Jötunheimr
Post-Launch
Realm of the giants — new enemies
Muspelheim
Year 2
Fire realm — volcanic seas
Niflheim
Year 2
Ice realm — frozen waters
In-Game Screenshots

See the World

Real in-game footage captured from the current Unity 6 build — no pre-rendered cinematics.

Open Seas at Sunset
Open Seas at Sunset
Sail toward dramatic silhouetted rock formations as the apocalyptic sky burns red
1 / 8
Competitive Landscape

Why We Win

GameGenreSales / PlayersOur Edge
ValheimNorse Survival12M+Naval-first focus, deeper crew & combat systems
Sea of ThievesNaval Adventure40M playersRPG depth, survival mechanics, dark mythology
Skull & BonesNaval Combat~1MTrue survival loop, mythological world, richer story
Waters of RagnarökNaval Survival RPGTarget: 275k unitsThe only true Norse naval survival experience
Revenue & Financials

The Investment Case

€1.5M
Total Funding Ask
18-month pre-release runway
~77,200
Break-Even Units
$29.99 at 70% net after Steam
3.1x
Target ROI (3 Year)
Medium success scenario
3-YEAR REVENUE PROJECTIONS (USD thousands)
Year 1Year 2Year 3030006000900012000
Small Medium (Target) Big Success
BUDGET ALLOCATION — €1M PRE-RELEASE
Dev Team€400k · 40%
Art & Animation€350k · 35%
Marketing€100k · 10%
Technology€50k · 5%
Operations€50k · 5%
Contingency€50k · 5%
Total Pre-Release Budget€1,000,000
Post-Launch / Contingency€500,000
SCENARIO ANALYSIS — 3 YEAR OUTLOOK
ScenarioUnits Sold (3 Yr)Total Revenue (USD)ROI for Investor
Small Success100,000$2,424,1300.5x
Medium Success (Target)275,000$6,671,2123.1x
Big Success750,000$18,069,90810.2x
The Team

AAA Veterans. Indie Heart.

Our six-person founding team brings over 100 combined years of experience from the world's most respected game studios.

CCP Games
Riot Games
Ubisoft
Activision
Blizzard
Star Atlas
Directive Games
HS
Höskuldur Sigurðarson
Founder & CEO

20+ years at the intersection of gaming, development, and live operations. Former Riot Games & CCP Games.

Riot GamesCCP Games
PA
Pétur Arnórsson
Founder & CCO

20+ years as an artist on legendary titles. Doom, Mortal Kombat XL, Quake Champions, Call of Duty, Fallout 76, Pax Dei.

id SoftwareUbisoftActivision
AA
Arnar Arnórsson
Founder & CTAD

15 years in games and animation. Worked at Star Atlas and CCP Games across Unreal, Unity, and custom engines.

CCP GamesStar Atlas
TH
Tryggvi Hákonarson
Lead Game Designer

A decade in video game industry and engineering. Two indie releases. Game designer at Directive Games.

Directive Games
SS
Sölvi Sig
Creative Lead, Brand & UI

10+ years across creative studios and tech companies. Strong visual storytelling and technical expertise.

Multiple Studios
WA
Waleed Abid
Lead 3D Artist

10+ years contributing to world-class titles from Blizzard, Warframe, Call of Duty, and Marvel.

BlizzardDigital ExtremesActivision
Development Roadmap

The Path to Launch

Phase I
Pre-Production
Now — Q2 2026
  • Steam page live
  • Community & Discord launch
  • Teaser trailer
  • Concept art reveal
Phase II
Production
Q2 2026 — Q2 2027
  • Core gameplay loop complete
  • Miðgarð biome built
  • Devlog campaign
  • Influencer outreach Wave 1
Phase III
Pre-Launch
Q3 2027
  • Steam Next Fest demo
  • 75k+ wishlist target
  • Press & influencer keys
  • Launch trailer
Phase IV
Early Access
Q3/Q4 2027
  • Miðgarð biome launch
  • $29.99 price point
  • Community feedback loop
  • Monthly content drops
Go-to-Market

Marketing Strategy

🎮
Steam-First

Professional Steam page, capsule art, and optimised tags to maximise algorithmic visibility. Target 75k–100k wishlists before Early Access launch.

📺
Influencer-Led

Targeted outreach to Splattercatgaming, Wanderbots, and Norse/survival niche creators. Demo keys for Steam Next Fest coverage.

🏆
Community-Driven

Discord as the central hub. Bi-weekly devlogs, community playtests, and a public roadmap to build trust and long-term retention.

75k+
Wishlist Target at Launch
~20%
Week-1 Conversion Rate
15k+
Estimated Week-1 Sales
Q1 2027
Steam Next Fest Target
The Ask

€1.5 Million

We are raising a seed round to fund 18 months of pre-release development, culminating in a Steam Early Access launch in Q3/Q4 2027. The funding will be deployed across development, art, marketing, and operations to deliver a polished, community-validated first biome.

Use of Funds
  • 40% Development Team
  • 35% Art & Animation
  • 10% Marketing
  • 15% Tech, Ops & Contingency
What You Get
  • Equity stake in Polar Region Games
  • Quarterly investor updates
  • Early access to builds
  • Participation in future rounds
Milestones
  • Steam page live (Q1 2026)
  • Vertical slice (Q4 2026)
  • Steam Next Fest (Q1 2027)
  • Early Access launch (Q3/Q4 2027)
"A proven AAA team. An underserved market. A game with a clear vision."

Polar Region Games is backed by Rannís — the Icelandic Centre for Research — and is raising a seed round to bring Waters of Ragnarök to market. The European Investment Fund has pledged €21M to bolster Nordic game development, signalling strong institutional confidence in the region.