Mika Games, the mobile gaming investment company founded by Wargaming co-founder Nick Katselapov, has secured an additional $10 million in funding. The investment round was led by Flint Capital, with participation from new and existing investors.
The new funding will support Mika Games’ efforts to help mobile game studios transition from soft launch to large-scale operations by providing capital for product development and user acquisition (UA) campaigns.
Founded in 2023, Mika Games focuses on supporting early-stage free-to-play mobile game studios that have developed promising products but lack the financial resources needed to scale their operations.
Addressing the funding gap in mobile gaming
One of the main challenges facing early-stage mobile developers is securing sufficient capital for user acquisition. According to Mika Games, specialized financing providers typically require several months of marketing performance data, previous advertising expenditures of $300,000 to $500,000, and predictable investment returns before committing additional funding.
This creates a financing gap for studios that need marketing capital to demonstrate their games’ commercial potential in the first place.
To address this challenge, Mika Games combines equity investments supporting development teams and their products with separate financing for larger user acquisition campaigns. These campaigns allow studios to evaluate player retention, monetization performance, and marketing payback periods before pursuing additional financing.
Mika Games founder Nick Katselapov highlighted the increasing difficulties faced by new titles in the mobile gaming market. According to figures cited by Katselapov, global gaming user acquisition spending reached $25 billion in 2025, while advertising impressions increased by 20%.
Meanwhile, the number of new titles entering the top 1,000 most-downloaded games in the United States declined from approximately 200 in 2020 to just over 100 in 2024.
Mika Games expands its portfolio to five studios
Mika Games has expanded its investment portfolio from three to five studios in 2026, supporting projects across casual, hybrid-casual, midcore, and competitive strategy genres.
Its portfolio includes Guli Games, the developer behind the 3D farming adventure Legendale, which has reached more than 3 million players worldwide, and Agonalea Games, whose roguelike tower defense game Punko has surpassed 500,000 downloads.
The company’s recent investments include Bulberry Studio, developer of the mobile strategy game Wargard, which combines deck-building mechanics with real-time troop control in PvP battles.
Mika Games has also backed LevelApp, a studio specializing in merge-2 games, including Merge Dale and Sea Bloom.
Sergey Gribov, General Partner at Flint Capital, explained that Mika Games’ investment model aims to reduce the risks associated with early-stage game development through portfolio diversification, staged financing, and data-driven investment decisions.
The latest funding follows Mika Games’ initial $10 million investment round announced in March 2024, which was also led by Flint Capital. At the time, the company outlined plans to invest up to $50 million in mobile game studios worldwide.
