Mika Games, a gaming investment company founded by Wargaming cofounder Nick Katselapov, has raised $10 million in new funding.
Flint Capital led the funding round, with participation from several new and existing investors. The round will help mobile game studios bridge the gap between soft launch and large-scale paid marketing by funding product development and marketing campaigns.
Early-stage mobile game studios face a funding gap: they need a proven marketing track record to access financing, but building that track record requires significant upfront capital. Specialist providers typically require several months of campaign history, $300,000 to $500,000 in prior marketing spend, and a predictable payback period before they fund user acquisition.
Mika Games aims to bridge this gap. The company invests before a studio’s user acquisition
economics are fully proven, using equity to support the team and product and a separate pool of capital to finance larger paid acquisition tests.
These campaigns generate the data needed to validate retention, monetization, and payback at scale. If the economics work, they can also help studios access larger financing arrangements, which, in turn, help bolster marketing budgets and continuous growth.
“Global gaming user acquisition spend reached $25 billion in 2025, while ad impressions
increased 20%. Meanwhile, the number of new titles in the US top 1,000 by downloads fell from about 200 in 2020 to just over 100 in 2024, and games more than two years old generated over 80% of revenue in most genres. Early marketing capital can therefore influence which games players ever get to discover. Our aim is to give new titles enough runway to reach players,” said Nick Katselapov, founder of Mika Games, in a statement.
Katselapov started the company in 2023. This year, Mika Games has expanded from three to five portfolio game studios. Following Mika’s investment in Guli Games’ 3D farming adventure Legendale, which has reached more than 3 million players worldwide, and Agonalea Games’ roguelike tower defense title Punko, which has surpassed 500,000 downloads, Mika Games has invested in 2 more studios.
Bulberry Studio’s Wargard adapts classic real-time strategy for mobile by combining deck building with direct troop control in PvP battles. LevelApp builds merge-2 games around farm and island adventures, including Merge Dale and Sea Bloom.
The portfolio now spans casual, hybrid-casual, midcore, and hardcore competitive strategy
games. Each targets a different audience, but reflects the same investment thesis: backing
games designed to retain players over the long term.
“Investing before a game’s economics are proven can look risky when each studio is treated as
a standalone bet,” said Sergey Gribov, General Partner at Flint Capital, in a statement. “Mika changes that equation by spreading exposure across teams and genres, deploying capital in stages, and using product and cohort data to determine where to invest further. For Flint, this creates an attractive risk-return profile: diversification and disciplined capital allocation help manage the downside, while equity stakes acquired early preserve a meaningful upside in the studios that scale.”