$10m · Other round · Gaming · Nicosia, Cyprus
Nicosia-based Mika Games has raised a further $10m in new funding led by Flint Capital, with several unnamed new and existing investors participating. The company will use the capital to back free-to-play mobile studios between soft launch and large-scale paid marketing, funding both product development and user-acquisition campaigns. The financing is distinct from the initial $10m reported when Mika launched in 2024.
Funding the test before scale
Mika targets a gap that appears before conventional growth financing. A studio may have a playable game and encouraging early cohorts, but not enough campaign history to show that acquiring players will pay back predictably. GamesBeat reports Mika's view that specialist user-acquisition financiers typically want several months of history, $300,000 to $500,000 of prior marketing spend and a dependable payback period before committing larger budgets.
The firm separates that problem into two capital decisions. It takes equity to support the team and product, then provides a separate pool for larger paid-acquisition tests. Those campaigns are intended to generate evidence on retention, monetisation and payback. Strong results can justify staged follow-on investment or help a studio qualify for larger financing without forcing it to fund the proof entirely from its operating runway.
That structure makes marketing spend part of investment underwriting rather than an expense added after product development. It also creates a tighter feedback loop: cohort data determines whether Mika expands a studio's budget, while its operators work with founders on game design, monetisation, marketing and product strategy. The commercial advantage depends on selecting tests that are large enough to be informative without treating weak early data as proof that a game cannot improve.
A portfolio approach to hit-driven economics
Mika says its portfolio grew from three to five studios during 2026. GamesBeat reports that Guli Games' farming adventure Legendale has reached more than 3m players and Agonalea Games' Punko has passed 500,000 downloads; newer portfolio companies include Bulberry Studio, developer of Wargard, and merge-game developer LevelApp. These are company-reported milestones rather than independently audited performance figures.
Flint Capital argues that Mika reduces the risk of investing before a game's economics are proven by spreading exposure across teams and genres, deploying capital in stages and using product and cohort data to decide where to invest further. Early equity preserves upside in the studios that scale.
Diversification does not remove the underlying execution risk. Mobile games remain hit-driven, campaign economics can change as audiences saturate, and a promising soft launch may not translate into durable live operations. Mika's test is therefore whether its shared operating expertise and staged acquisition capital produce repeatable portfolio outcomes, rather than a few isolated successes.
