Secret Mode, the studio that published the recent surprise hit Still Wakes the Deep, is no longer a property of Sumo Group. The studio’s co-founder James Schall and VP of publishing Ed Blincoe partnered with Emona Capital to lead the buyout.
The financial details of the deal remain a mystery. After the buyout, Blincoe and Schall will remain at the helm of the company which will now operate as an independent publisher in partnership with Emona Capital. The investment firm has previously invested in Relic Entertainment after they split from Sega.
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“By becoming independent, we can now put all our efforts into uncovering the indie gems that gamers never knew they needed in their lives,” said Schall in a LinkedIn announcement.
“We are committed to bringing our players the very best indie titles; not just of the future, but also by helping them discover existing indie masterpieces that have undeservedly flown under the radar in years gone by. We are working hard to empower independent developers across the globe, and hope to make some exciting announcements on this front in the coming months.”
Secret Mode was founded as part of Sumo Group in 2020. They quickly built a reputation for their unique approach to PC and console publishing and went ahead to win the UKIE Best Publisher Award in 2024. They also won the Best Influencer Marketing Award in the February 2025 Debug Indie Game Awards.
“Secret Mode is deeply passionate about the creativity and innovation within the indie space, and so we are thrilled to be partnering with Emona Capital and to fully focus on the independent publishing scene,” said Blincoe.
“I also want to express our gratitude to Sumo not only for believing in Secret Mode’s original vision and overseeing our startup years, but for granting us this opportunity to become a fully independent entity.”
Secret Mode’s portfolio features games that were both critical and commercial success. Games that have set them apart in the industry include Still Wakes the Deep, A Little to the Left, Wobbledogs, and Eternal Threads.
Reacting to the deal, Dominik Dolenec, Emona Capital’s managing partner said “Secret Mode has made great waves in its formative years as a publisher of independent games. We look forward to supporting Secret Mode’s mission within the independent games sector across PC and consoles”.
