Mika Games raises $10 million led by Flint Capital to scale mobile studios

Mika Games raised $10 million in a round led by Flint Capital. New and existing investors also participated. The capital funds equity stakes plus separate paid user-acquisition tests for early-stage mobile studios. Mika targets $50 million total deployment, up from three to five portfolio studios this year.

Flint Capital led the $10 million round, joined by new and existing backers.
Mika's model pairs equity investment with a distinct pool for paid UA tests.
Specialist UA financiers typically require $300,000 to $500,000 in prior ad spend before funding growth.
Mika previously invested $2 million in Agonalea Games, developer of Punko, in 2025.
The company targets $50 million in total capital deployment across its portfolio.

Global mobile UA spend hit $25 billion in 2025.
Ad impressions climbed 20% over the same year.
New US top-1,000 titles fell from 200 in 2020 to just over 100 in 2024.
Games older than two years generated over 80% of revenue in most genres.
"Early marketing capital can therefore influence which games players ever get to discover." - Nick Katselapov, Founder, Mika Games

Mika expanded its portfolio from three to five studios this year.
Guli Games' Legendale, a 3D farming title, has reached more than 3 million players.
Agonalea Games' Punko, a roguelike tower-defense game, has surpassed 500,000 downloads.
Bulberry Studio's Wargard blends deck-building with PvP troop control for mobile strategy players.
LevelApp builds merge-2 titles Merge Dale and Sea Bloom around farm and island themes.

Mika spreads capital across teams and genres to diversify portfolio risk.
Capital deploys in stages, guided by product and cohort data.
Equity stakes acquired early preserve upside in studios that scale.
"Diversification and disciplined capital allocation help manage the downside, while equity stakes acquired early preserve a meaningful upside in the studios that scale." - Sergey Gribov, General Partner, Flint Capital

For Publishers & Developers: Pitch soft-launched titles lacking campaign history to equity-plus-UA backers before approaching revenue-based financiers.
For Investors & VC: Source growth-stage deal flow from studios graduating out of investor-funded UA tests with validated payback.
For Service Vendors: Pitch soft-launch campaign management and cohort analytics to newly backed portfolio studios ahead of scale tests.