Relic Entertainment is 'returning to its roots as an independent creative studio,' but it's also owned by a global investment firm now

Less than two months after being cut loose by Sega, which resulted in another round of layoffs at the studio, Company of Heroes developer Relic Entertainment says it is «returning to its roots as an independent creative studio» with support from investment firm Emona Capital LLP.

The past year has been rough on Relic. Company of Heroes 3 was met with a mixed reaction when it launched in February 2023, and then in May of that year the studio laid off 121 employees. In March 2024 the studio was sold off by Sega, and a month later a reported 41 more employees were let go in what sounded like a desperation move: Relic said the cuts were made «with the goal of providing Relic the best possible chance to survive in an increasingly volatile industry.»

The investment from Emona, «an entrepreneurial investment firm with a global investment mandate,» will in theory at least help make that happen.

«We see a huge opportunity to unleash Relic’s creative potential as an independent studio; the talent, technology, and track record we have built over the years are an amazing starting point for us on this next chapter,» Relic CEO Justin Dowdeswell said. «Emona Capital are aligned with us on our dual strategy of partnering with IP owners and publishers, while also supporting and investing in our existing IP portfolio.»

«Relic is a world-renowned studio, and we are privileged to partner with Justin and the team,» Emona managing director Dominik Dolenec said. «We look forward to supporting Relic’s journey.»

Relic has been around for more than 25 years, during which it's delivered a number of notable games including the Company of Heroes and Warhammer 40,000: Dawn of War series, Age of Empires 4, and—my favorite of the bunch—the original Homeworld. So I'm glad to see the studio is staying on its feet. But I just can't shake the feeling that the word «independent» is being used a little fast-and-loose here: Relic is now a portfolio company of Emona Capital, and the studio confirmed that