Mika Games has raised $10 million to support mobile studios following a soft launch
The investment fund Mika Games, founded by Wargaming co-founder Nick Katselapov, has announced the raising of an additional $10 million. The funds are planned to be directed towards financing mobile studios and their marketing.
According to GamesBeat, the new investment round was led by the venture capital firm Flint Capital. However, existing investors of Mika Games also participated in it.
The fund explained that one of the main issues small mobile studios face is the lack of funds for large-scale marketing tests: to secure funding for user acquisition, developers are often required to demonstrate the effectiveness of their advertising campaigns, which in itself requires significant sums.
According to Mika Games, specialized companies that finance traffic acquisition usually expect developers to provide:
▫️ several months of successful advertising campaigns;
▫️ marketing expenditures ranging from $300,000 to $500,000;
▫️ forecasted timelines for the return on investment.
Mika Games offers an alternative model. The fund invests directly in the studios, acquiring a stake in their business, and also allocates funds separately for testing paid user acquisition. This allows developers to verify retention, monetization, and marketing payback before seeking larger funding.
Currently, Mika Games' portfolio includes five game studios. Among them are Guli Games, whose Legendale attracted over 3 million players, and Agonalea Games, which developed Punko with over 500,000 downloads. In 2026, the fund also expanded its portfolio through investments in Bulberry Studio (Wargard) and LevelApp (Merge Dale, Sea Bloom).
It is worth noting that Mika Games commenced operations in 2024. At that time, the fund also raised $10 million with the participation of Flint Capital and announced plans to form an investment capital of $50 million. In April 2025, Mika Games invested $2 million in the Argentinean studio Agonalea Games.