Green Jade Group, a game developer founded by industry veteran Jesper Kärrbrink, has ceased operations due to lack of profitability.
Benedict McDonagh, co-founder of the company, made the announcement on 8th April via a LinkedIn post.
McDonagh revealed that the company never achieved a hit game and did not find the perfect recipe for timing, math, features, and front-end.
The company, which was founded in 2017 and merged with Las Vegas-based iGaming supplier GameCo in October 2022, included over 20 nationalities from five continents and was known for its real-money arcade games.
Despite its achievements, McDonagh acknowledged that the company “didn’t iterate to a base of good earners quickly enough”.
He expressed disappointment with the closure but also celebrated the company’s accomplishments, including building a world-class platform with features that no one else has replicated, integrating with amazing aggregation partners, and gaining licenses in the UK, Greece, and Malta.
McDonagh also praised the talented individuals who joined Green Jade both at home and abroad, saying that “people make the culture”. He pledged to continue to champion those who want to do things differently and to applaud everyone who succeeds, now that he knows just how difficult it is to succeed.
The closure of Green Jade Group highlights the increasing competition in the game development market and the growing need for game certifications in different markets, which has become an essential but expensive part of their business.
