Tencent leads Circle Games' $25m Series A, valuing Istanbul puzzle studio at $32.25m total raised
Summary
Tencent leads a $25m Series A in Istanbul's Circle Games, pushing total funding to $32.25m since its July 2025 seed.
All four seed backers - e2vc, BITKRAFT Ventures, APY Ventures and a16z Speedrun - re-invested alongside Tencent.
Capital funds Jelly Escape's international expansion, continued scaling of Sort Express, and at least doubling headcount.
"With Tencent leading this round and continuing the support of our investors, who have been with us since day one, we have the resources to take this approach much further"
01
Series A triples the seed in 14 months
The $25m Series A is more than three times the $7.25m seed closed in July 2025.
Total funding reaches $32.25m across two rounds in roughly fourteen months.
The full seed syndicate returned rather than being displaced by a new lead.
Proceeds fund four uses: Jelly Escape's expansion, scaling Sort Express, doubling the team, and new titles.
02
Tencent backs a live, data-proven puzzle title
Tencent enters as lead, a heavier commitment than the seed's regional and games-focused funds.
Sort Express had already shipped globally before the round, giving Tencent a de-risked entry point.
"In order to be successful in the puzzle genre, it is necessary to establish the details correctly and not to lose that care as the game grows"
03
Turkish mobile ecosystem draws a parallel wave of capital
Surge Games raised $3m pre-seed for AI-native mobile games.
Rotatelab took seed funding from Arcadia Gaming Partners and Laton Ventures.
Drilo Ventures launched a $30m fund for Turkey's next generation of mobile founders.
Circle Games' jump from $7.25m to $25m sets a reference point for what a live puzzle title commands.
What this means
For Investors & VC: A full seed-syndicate rollover plus Tencent lead signals a repeatable Turkish puzzle thesis worth sourcing early.
For Publishers & Developers: A live, data-optimized title raised the Series A step-up - ship and prove metrics before pitching a lead.
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