#69 - Pontus Maehler: Indie Game Funding, Deal Terms and New Markets in 2026

Why are indie game funding deals getting harder in 2026?

In this episode, I'm joined by Pontus Maehler, games industry advisor and Co-Founder of Agora Gaming Partners, an advisory firm focused on video gaming M&A, publishing, and fundraising.

He breaks down the real state of game publishing, project financing, China publishing opportunities, and how indie studios can survive the current market.

We cover how publishing deal terms have changed, why vertical slices matter more than ever, common mistakes developers make when pitching publishers, and what actually gets games funded today.

If you're an indie developer, game founder, or anyone trying to understand the business side of the games industry, this episode is for you!

Connect with Pontus:
LinkedIn: https://www.linkedin.com/in/pontusmahler/
For pitching a game: scouting@agoragamingpartners.com
For Chinese publishing: lili@agoragamingpartners.com

Connect with Harry:
LinkedIn: https://www.linkedin.com/in/hphokou/
YouTube: https://www.youtube.com/@hphokou
Instagram: https://www.instagram.com/hphokou/

Join our industry events: https://hivemind.world/

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Chapters:
00:00 Intro
03:45 The current state of game funding in 2026
05:20 Why VC funding for indie games is collapsing
08:41 Is the VC model dead for indie developers?
11:08 Bootstrapping vs raising money for indie studios
14:07 Why publishers now demand vertical slices and validation
15:50 How publishing deal terms changed after COVID
16:32 Understanding recoup structures and revenue splits
24:15 Biggest mistakes developers make with publishers
27:44 Developers intentionally underbudgeting projects
28:00 Contract clauses indie devs must understand
31:56 Product financing vs traditional publishers
33:42 Grants, tax credits, and alternative funding sources
36:15 Why developers should pay attention to China
39:18 When to approach Chinese publishers before launch
41:05 How Chinese players differ from Western audiences
46:45 What motivates Pontus to work in games
48:40 How developers should think about target audiences
53:32 Final survival advice for indie studios
54:48 Why developers waste too much time pitching at events
59:00 VC funding, scaling, and long-term strategy