Flow Games secures $46m funding package as Tencent covers three-quarters

Flow Games has secured a $46 million funding package led by Tencent. Tencent contributed roughly three-quarters of the total, near $34.5 million. The deal ranks among Tencent's largest non-acquisition investments in a Turkish studio. It follows Smash Fest's download surge to 10.2 million in July, up 343% month-on-month.

Flow Games is an Istanbul-based studio behind Smash Fest, a physics-based mobile shooter.
Smash Fest downloads rose from over 2 million in June to 10.2 million in July.
That is a 343% month-on-month increase, per AppMagic estimates.
Estimated player spending climbed from $692,000 in June to $3.4 million in July.

Smash Fest's gross lifetime player spending stands near $8.9 million, per AppMagic.
IOS accounts for about $8.3 million of that, Android for $526,000.
Daily player spending has run $35,000 to $50,000 over the past month.
Advertising accounts for most of Smash Fest's revenue, a source familiar with the funding said.
Overall earnings likely run substantially higher than player spending alone indicates.

Tencent led a $25 million Series A for Istanbul-based Circle Games.
Tencent subsidiary Miniclip acquired Turkish studio Masomo in 2019.
Together, the three deals span early-stage funding to full acquisition in Türkiye.
This signals Tencent's sustained interest in Turkish mobile developers across funding stages.

For Investors & VC: Require ad-network payout statements in diligence before pricing ad-monetized mobile titles.
For Service Vendors: Pitch Android monetization and ad-mediation optimization to newly funded Istanbul hybrid-casual studios.
For UA & Marketing: Budget higher iOS CPIs in casual shooters as newly capitalized rivals scale acquisition.