The investment fund Mika Games, founded by Wargaming co-founder Nick Katselapov, has announced the raising of an additional $10 million. The funds are intended to be directed towards financing mobile studios and their marketing efforts.
According to GamesBeat, the new funding round was led by the venture firm Flint Capital. However, existing investors of Mika Games also participated.
The fund explained that one of the main challenges for small mobile studios is the lack of resources for extensive marketing tests: to secure funding for user acquisition, developers often need to prove the effectiveness of their advertising campaigns, which in itself requires significant sums.
According to Mika Games, specialized companies that finance traffic purchases typically expect developers to have:
▫️several months of successful advertising campaigns;
▫️marketing expenses ranging from $300,000 to $500,000;
▫️projected timelines for return on investment.
Mika Games offers an alternative model. The fund invests directly in the studios, acquiring a stake in their business while also allocating separate funds for testing paid user acquisition. This allows developers to test retention, monetization, and marketing ROI before seeking larger-scale financing.
Currently, Mika Games' portfolio includes five gaming studios. Among them are Guli Games, whose Legendale has attracted over 3 million players, and Agonalea Games, which developed Punko, boasting more than 500,000 downloads. In 2026, the fund also expanded its portfolio with investments in Bulberry Studio (Wargard) and LevelApp (Merge Dale, Sea Bloom).
Recall that Mika Games began 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 Argentine Agonalea Games.