As Vietnamese game studios increasingly compete on the global stage through smarter user acquisition and hybrid monetization models, Vietnam-based Panthera Global is emerging as a case study of further evolution—marked by higher-LTV design and innovative attempts to enter new Mid-Core genres.
The company has raised a US$1.5 million Seed round, led by T-Accelerate Capital, with participation from CyberAgent Capital.
Industry analysts have increasingly pointed to Vietnam as the next frontier for mobile gaming, as rising production talent, improving live-operations maturity, and greater access to performance data enable regional studios to compete globally without relying on outsized marketing budgets.
Vietnam, in particular, has transitioned from a hypercasual and outsourcing-heavy market toward studios capable of building and operating long-term IP, supported by growing technical depth and cost-efficient execution.
Founded in 2023 and headquartered in Hanoi, Panthera is a mid-core mobile game studio operating across the full game lifecycle, with a focus on building ARPG and open-world RPG experiences for long-term global player engagement. The studio has published three titles to date, surpassing 7.5 million total downloads, and has demonstrated consistent performance across user acquisition efficiency, retention, and monetization.
Rather than competing on scale alone, Panthera reflects a broader trend among Southeast Asian studios: building globally competitive games through disciplined execution. Its approach emphasizes data-driven UA, deep progression systems, and monetization models designed for longevity rather than short-term spikes, a strategy increasingly resonating with players in highLTV markets such as the US, Japan, and Europe.
One of Panthera’s most successful releases, Box Head, illustrates this model in practice. Launched in January 2024, the title has surpassed 2.5 million downloads, achieved an exceptionally strong ROAS, and delivered retention metrics placing it among the top-performing mid-core titles. Across its broader portfolio, Panthera has shown strength in both IAP- and ad-driven monetization, supported by strong engagement and live-ops performance.
“Panthera aims to help reshape how the world views Vietnamese games, not by quantity, but through quality, creativity, and long-term value for players.
This investment allows us to move faster while staying focused on building sustainable RPG IPs with depth, longevity, and genuine respect for players.”
Vuong Kien, Co-founder of Panthera
Panthera’s recently launched slate includes Elysia: The Astral Fall, an open-world idle RPG, and Soul Huntress, a hack-and-slash action RPG. Both titles reflect the studio’s focus on combining accessible gameplay with deeper progression systems and long-term live-ops support
“The dedication of Kien and Panthera to creating durable mid-core experiences is truly inspiring.
In Panthera, we see the future of Vietnam’s gaming industry—a perfect blend of global ambition and operational maturity—as they continue to push the boundaries of the stories they want to tell.”
Carol Wong, Founding Partner at T-Accelerate Capital
This investment aligns with T-Accelerate Capital’s thesis of backing execution-driven technology and digital content companies across emerging markets. Panthera represents a new generation of Vietnam’s game studios combining strong talent density with increasing operational discipline — enabling them to build, launch, and operate globally competitive products with long-term commercial potential.
“Panthera exemplifies Vietnam’s transition toward sophisticated, long-term IP.
Kien’s team has the technical depth and operational discipline required to lead the global mid-core RPG market, and we are proud to support their vision.”
Nguyen Minh Tuan, Head of CyberAgent Capital Vietnam.
