Adventure Box Technology

Analysis of Adventure Box Technology at

Published: 2021-11-15
Updated: 2023-02-23
Analyst: Daniel Georgsson
Own holding: Yes

Gaming platform for social gaming fits metaverse

Metaverse is the next generation internet where 3D and streaming are important components and the trend around metaverse is expected to last for decades.

After the purchase of KoGaMa, Adventure Box Technology has one of the most famous gaming platforms for user-created games and content.

The many users on KoGaMa play, create and share multiplayer games together without the need for programming skills.

Adventure Box Technology is the company behind KoGaMa

The gaming platform KoGaMa was launched on 17 September 2011 and is a leader in its segment within social gaming. Adventure Box Technology acquired at the end of 2022 Multiverse ApS which started KoGaMa. Adventure Box Technology now is the company behind KoGaMa.

According to Adventure Box Technology, through the acquisition of KoGaMa, they are taking a step forward corresponding to several years of technological development, while at the same time the company gets established revenue streams and the strong KoGaMa brand.

Big potential

The business model around the gaming platform has great growth potential, where the biggest revenue is expected to come from microtransactions on the platform, subscriptions and advertising revenue.

Low customer acquisition costs and a worldwide customer base provide the conditions for rapid economic growth. Existing customers market to new customers by inviting new users to the gaming platform.

The stock

The share is traded on the Nasdaq First North Growth Market Stockholm under the short name ADVBOX and ISIN code SE0012955276.
Aktieinvest FK is Certified Advisor.

KoGaMa brand

Analyst comment

Social gaming and metaverse are right on time. Adventure Box Technology has high possible target prices and with the purchase of KoGaMa they are taking big steps forward in development.

Social gaming and metaverse

An online place where people meet to create and play computer games or just hang out with friends.

Social features make it fun to create and play together and increase the chance of viral spread.

About the analysis

The analysis is based on public information. First analysis in March 2021, company visit in August 2021 and publication in November 2021. Adventure Box Technology has contributed a contact person and has reviewed the analysis. After the acquisition of KoGaMa, the analysis is updated.

Daniel Georgsson owns shares in the company and has no further transparency than other shareholders.

Competitors' high values

Some of the competitors' valuations are many billions of dollars and that should provide strong incentives for Adventure Box Technology to continue implementing its business idea.

Growth has started

Growth is ongoing on the gaming platform. KoGaMa has established revenue streams and, together with the visions and expertise provided by Adventure Box Technology, there are good conditions for strong growth.

Focusing after the acquisition

After the acquisition of KoGaMa, there will be full focus on the game platform and the business concept will be refined around creating growth linked to the game platform.

Big steps forward

According to Adventure Box Technology, the acquisition of KoGaMa takes a step forward corresponding to several years of development while at the same time gaining established revenue streams. The brand KoGaMa is very famous.

Management and Board of Directors

Michael Bendtsen is the CEO of Adventure Box Technology. In 2020-2022 he was Creative Director. 25 years of experience from the gaming industry, where he created digital strategies for LEGO, was involved in the founding of the successful movie maker game Movie Star Planet and founded the gaming platform KoGaMa.

The board has several big names linked to previous successes such as Minecraft,, Angry Birds, Candy Crush and the board owns shares or options.


Michael Bendtsen, CEO

Michael Bendtsen is the CEO of Adventure Box Technology. In 2020-2022 he was Creative Director. 25 years of experience from the gaming industry, where he created digital strategies for LEGO, was involved in the founding of the successful movie maker game Movie Star Planet and founded the gaming platform KoGaMa.

Rickard Riblom, COO

Rickard Riblom is COO and has previously been CEO 2021-2022 and CMO 2018-2021 in parallel with the founders of Adventure Box Technology. Rickard has previously led online marketing for several companies.

Hans Richter, CFO

Hans Richter is CFO. Board professional, management consultant and former trainer in, among other things, M&A and strategic financial management. Has also previously worked as CFO, vice president and CEO in various industries.

Board of Directors

Örjan Frid

Chairman of the board Örjan Frid contributes with his experience of leading with strategy and focus on profitability.

Rikard Herlitz

Rikard Herlitz has experience from having been CTO for Mojang AB (Minecraft) and with a large contact network within Google and Microsoft.

Jason Williams

Jason Williams on the board is Vice President and board member of which is the world's largest mobile network for children with 100 million active users every month.

Claes Kalborg

Claes Kalborg on the board has been Head of Global Licensing in Rovio Entertainment Ltd. (Angry Birds) and Ltd (Candy Crush).

Staffan Eklöw

Staffan Eklöw on the board has 30 years of experience as a business lawyer within law firms and companies.

Jakob Sillesen

Jakob Sillesen is a board member of Adventure Box Technology. Managing partner at Aiomic ApS. Previously held technical management positions at Microsoft, Flashbulb games ApS, Deadline Games ApS and Coop.

Large and very active user community on KoGaMa

Michael Bendtsen wrote in the report for Q3 2022 his first CEO word. Some quotes:

  • “Since its inception, more than 3.5 million games have been published on KoGaMa. In addition to a large and very active user community, the platform has around 700,000 visitors every month, all without paid marketing. Currently, the number of new games published to the public exceeds 20,000 per month, although the number of new unpublished games created is much greater.”
  • “KoGaMa provides a simple one-click publishing flow, for anyone to create and share their own games and experiences, without the need for any programming skills.”
  • “The acquisition of Multiverse/KoGaMa has also given us a boost in the number of developers, which will have a continued positive effect on production speed.”

Business model

Game platform for social gaming

On-platform microtransactions, subscriptions and ad revenue are established sources of revenue.

Game platform for social gaming can be described as software as a service with a double turbo engine for growth.

Revenue on the gaming platform

Users can buy platform currency needed to buy and sell things on KoGaMa. Subscriptions and ad revenue from displaying advertisements are additional sources of revenue on the gaming platform.

Competitors give examples where large companies have grown up solely by being a content provider on a game platform for social gaming.

Social gaming combines mobile gaming, streaming video and social media

KoGaMa is a platform for social gaming that combines from three existing and large markets.

Mobile gaming has 3 billion users who spend an average of two hours a day. Streaming video has 3.2 billion users who spend over five hours a day on average. Social media has 4.3 billion users who spend an average of one hour a day.

Social gaming combines elements from mobile games, streaming video and social media and is expected to be a larger market than the three.

Software as a service with turbo engine

The competitor Roblox has 200 million monthly users who contribute an average of USD 5 (SEK 45) in annual recurring revenue. This corresponds to SEK 9 billion in revenue per year. It took a few years before Roblox came up in those numbers but it gives an indication of where Adventure Box Technology can aim with the gaming platform KoGaMa.

KoGaMa and Roblox are both spread by users to new users. That is, customers who help with marketing to new customers. In traditional SaaS companies, recruiting new customers is labor-intensive and expansion takes longer than expansion for gaming platforms.

A computer game that gets viral spread can, without the intervention of any person in the company, lead to the number of customers increasing a lot in a short time. If a user invites five users who in turn invite five users each in turn invites and so on. There is rapid exponential growth of customers. Adventure Box Technology is a SaaS company with a turbo engine for its growth.

Dual motors for viral growth

Growth is driven by two different growth engines against viral spread. Content providers and game creators are central to the first engine. Providers who make money on content will increase their efforts to create good content and then their revenue will increase as good content attracts more users. It creates a positive spiral where more people will want to be content providers and it leads to viral growth of content providers.

Users and social networking are the other engine for viral spread. Users invite their friends to become users and through social networking the number of users increases. The more users on the platform, the more other users will want to be on the platform.

Over time, hanging out with friends on the platform becomes meaningful even for those who do not play or create computer games and content. Creating and playing computer games is the driving force for viral growth before it tips over so that even those who neither create nor play want to meet on the platform.


Income, expenses and cash flow

Income and expenses

We need to see reports from the company after the merger with KoGaMa before it is clear how revenues and costs are after the merger.

Cash flow

Prior to the merger with KoGaMa, there was cash in the coffers until late 2023 with no revenue and Kogama brings revenue streams into Adventure Box Technology.


Prerequisites for growth

High margins on the gaming platform together with the opportunities metaverse offers provide good conditions for economic growth.

High margins

Low customer acquisition costs together with high margins for the game platform provide the conditions for strong growth. Roblox has 200 million monthly users and recurring revenue of an average of 5 USD (45 SEK) per user per year. This corresponds to SEK 9 billion in revenue per year.

Margin increases with number of users

Margin improvements are a tool for increased growth and it is built into the ad serving revenue model used on the gaming platform. The model is straight and simple. The revenue is directly related to the number of users and automatically provides margin improvements as the number of users increases.


When assessing growth potential, we need to take into account the metaverse trend of which KoGaMa can be a part.

“Metaverse Is a Multitrillion-Dollar Opportunity, Epic CEO Says”. This is the title of an article published by in November 2021. Tim Sweeney is the CEO of EPIC, which with the computer game Fortnite has in a short time developed from a popular computer game in the social gaming category to a virtual place where famous musicians give concerts on the gaming platform. Tim Sweeney predicts that metaverse in the coming decades has the potential to develop into a "multitrillion-dollar part of the world economy".

It is a multi-trillion market measured in dollars. One trillion is a million millions. It does not take a large share of a multi-trillion market to get large revenues and this suggests that new starters such as Adventure Box Technology have good chances of becoming large companies by catching on to the trend metaverse.

The next generation of internet is for everyone

If Adventure Box Technology finds its niche, there are great opportunities with metaverse. Roblox prefers to talk about “human co-experience” than about metaverse. Facebook changes name to Meta. The large established players try in various ways to bribe the area and become a player who more often than others is associated with metaverse.

We must remember that metaverse is not owned by any company, even though many want to give the appearance of it. Instead, it is closer to thinking of metaverse as the next generation internet and a trend that affects how companies and individuals communicate and collaborate online.

The gaming platform drives growth

Growth in progress

Aside from financial measures of growth, there is already growth on the gaming platform KoGaMa. User-created computer games and other content means that the gaming platform is constantly expanding.

The fact that new things happen regularly is important in order to stay relevant, and this happens in two ways. Partly by further developing the platform with small and large functions. Partly by users expanding the content on the gaming platform with new or further developed computer games and other content.

Viral growth possible

Under the heading business model, we describe the two engines that drive viral spread. An example that describes growth potential is that a user who enjoys playing a computer game shares a link to the game with his friends. All those friends also enjoy the video game and share with all their friends. In just a few days, a computer game created on the gaming platform can go viral.

Competitors' valuation

Some of the competitors' valuations are multi-billion dollar



Roblox was founded in 2004 and has a platform where users can build computer games.

In February 2023, the market capitalization was USD 26.8 billion, corresponding to SEK 303 billion.


Minecraft is a platform where users can build computer games.

Minecraft was sold to Microsoft in 2014 for USD 2.4 billion, equivalent to SEK 18 billion.

Adventure Box Technology for comparison

With KoGaMa, Adventure Box Technology has a platform where users can build computer games. KoGaMa was launched in September 2011.

In February 2023, the market capitalization was SEK 26.3 million, corresponding to USD 2.34 million.


Social gaming is a large market. KoGaMa is an established platform that meets the criteria for social gaming.

Online creation is a sustainable alternative to physical toys.

Gaming platform for social gaming

Social gaming is a very large market that is becoming part of the metaverse. KoGaMa is an established platform that meets the criteria for social gaming.

Meets the criteria for social gaming

GP Bullhound Global Insights report “SOCIAL GAMING fueling our relationships” describes the environment for Adventure Box. It is a large market and a small market share is enough to generate large revenues.

GP Bullhound lists enablers which drives the development of social gaming:

  • Adoption of mobile phones
  • In-game communications
  • Business model innovations
  • Casual gaming
  • Cross-platform technologies
  • Cloud gaming

Adoption of mobile phones

Adventure Box works in mobile, tablet and PC. The low bandwidth requirements of the company's streaming technology fit mobile usage.

In-game communications

Users can create and play together on KoGaMa. There is potential in increasing the possibilities for communication between users in the gaming platform. The feature was previously evaluated by Adventure Box Technology and was appreciated by those who participated in early user tests.

Business model innovations

Adventure Box Technology may introduce revenue sharing with users on KoGaMa. They already have advertising and selling platform currency. Revenue sharing is one of the growth engines that has made Adventure Box Technology's competitors big.

Casual gaming

KoGaMa game creators use graphic elements and do not need programming skills to create games. The games that are created have low knowledge requirements to get started and play. The threshold is low and it appeals to many users.

Cross-platform technologies

KoGaMa is not tied to any particular game console or equipment. Users create and play games together in a browser on mobile, tablet or PC. Regardless of platform, it also gives freedom in time and space to play.

Cloud gaming

Cloud-based solution and streaming instead of downloaded software places KoGaMa at the forefront of development in social gaming. GP Bullhound flags that it takes time but that the segment is moving towards streaming.

Creating online is a sustainable option

Many young people and adults like to build and show things. From building with bricks and pieces of plastic, the creative activities are moving online.

Building with 3D figures online is a sustainable alternative to buying and consuming physical toys. The companies that provide this creative environment online have a large market to share.

Metaverse offers great opportunities

We are at the beginning of a trend that offers great opportunities for those who can deliver solutions. The development of the metaverse will continue for several decades and will provide great opportunities for upstarts like Adventure Box Technology.

More information

Financial reports and presentations of Adventure Box Technology can be found on the company's website for investors.

The report social gaming fueling our relationships

GP Bullhound Global Insights published in November 2020 the report “SOCIAL GAMING fueling our relationships”. There you can read more about the environment Adventure Box Technology operates in with the gaming platform.

Try out the gaming platform or ask someone to try out

Play, create and share computer games on KoGama

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