Weekly News Digest #33

Unlocking Growth: How UA Financing Is Reshaping Mobile Gaming

User Acquisition (UA) remains one of the most capital-hungry functions in mobile gaming, with studios spending up to 50–70% of revenue to scale. In today’s cautious funding climate, few can raise growth rounds — but cohort-based UA financing offers a new path: non-dilutive capital tied to real-time campaign performance.

Our latest report, Enabling Growth: Cohort User Acquisition Financing, breaks down the $143B mobile gaming spend, the state of VC funding, and real case studies from Superplay, Malpa, and others.

Read the Full Report

PvX Partners: The Leading Growth Platform for Scaling Mobile Games

PvX Partners empowers gaming and consumer app developers with capital and intelligence to scale their user acquisition effectively.

The PvX Lambda platform drives this by delivering advanced cohort analytics, real-time ROAS benchmarking, and financial projections, enabling teams to optimize performance and make informed decisions.

These insights power PvX Capital, which provides non-dilutive funding to grow UA spend without impacting your cash balance. Teams can confidently scale campaigns, maintain their cash position, and increase long-term ROI — all without giving up equity.

With seamless data integration and ongoing funding eligibility checks, PvX offers the infrastructure for sustainable, profitable growth.

👉 Visit PvX Partners to Learn More

MERGERS & ACQUISITIONS

[RUMOR] Israel-based marketing analytics platform AppsFlyer has entered advanced negotiations to be acquired by an undisclosed private equity firm for $4.5B. The proceeds are expected to support strategic growth initiatives and enhance platform capabilities. AppsFlyer provides marketing attribution solutions, generating $400m in annual recurring revenue in 2023 with positive cash flow. The company has previously secured undisclosed funding at a $2B valuation in Nov’20. According to Bloomberg, the company considered a $300m IPO in Jun’24. 

UK-based media specialist Generation Media has acquired creative agency Portal Studio for an undisclosed sum. The acquisition is part of Generation Media’s enhancement of in-house creative capabilities. Both companies will retain their existing brand and operations while deepening collaboration to enhance combined service offerings.

Germany-based gamified promotion platform for mobile games and apps, Almedia, has acquired Germany-based cashback provider Zave.it for an undisclosed sum. The transaction will combine Zave.it’s commerce and cashback technology to build a unified engagement platform across multiple sectors, with a focus on retail and finances. Zave.it enables users to claim cashback from online purchases and supports content creators.

Canada-based independent game development studio Blackbird Interactive has reacquired full ownership of the Hardspace: Shipbreaker IP from France-based PC & Console games developer and publisher Focus Entertainment (EPA: ALFOC). The deal grants Blackbird Interactive full control over the IP, and the studio already has a pipeline of projects related to the IP. Hardspace: Shipbreaker sold 500k+ copies during its two-year Early Access period.

VENTURE FINANCING

Israel-based payments platform for game developers Appcharge has raised $58m in a Series B funding round led by IVP, with participation from Playrix, BITKRAFT Ventures, Creandum, Play Ventures, Corundum, Glilot Capital Partners, Smilegate Investment, Moneta VC, and other investors. The funding will be used to grow the team across engineering, customer experience, product, and compliance, accelerate roadmap features, and strengthen infrastructure. Appcharge provides direct-to-consumer monetization infrastructure such as web stores, payment links, real-time segmentation, rolling offers, and merchant of record services. The platform processed over $500m in transactions for the last twelve months. This round follows the company’s $26m Series A funding round in Nov’24, bringing total raised funds to $84m.

US-based game developer and publisher Neon Machine has raised $19.5m in funding led by Gala Games, with participation from Griffin Gaming Partners and Polychain Capital. The capital, received across two rounds, will support the development and upcoming global launch of Shrapnel, including a closed-access debut in China in late 2025 and an open-access release worldwide in early 2026. The title will also be integrated into the Gala Games ecosystem. Shrapnel is an F2P, team-based web3 shooter that recorded over 3.7 million sessions during a 27-day paid Early Access period in 2024.

UK-based game development studio Fateless Games has raised $8m from undisclosed investors. The funding will support the development of the upcoming community-driven cross-platform RPG Godforge, which is currently in Alpha testing. The game is set for release in Q1’26. The company previously secured $6m in a community investment round.

Saudi Arabia-based venture fund Impact46 has invested $6.6m in 5 MENA-based game development studios: Starvania, Alpaka Games, Game Cooks, Fahy Studios, and NJD.

• Starvania — Saudi Arabia-based developer of fantasy universe PC & Console games;
• Alpaka Games — Turkey-based studio developing next-generation hybrid-casual action mobile games;
• Game Cooks — Saudi Arabia-based studio developing VR, mobile, and PC games, with a portfolio of over 22 titles;
• Fahy Studios — Saudi Arabia-based mobile games studio;
• NJD — Saudi Arabia-based mobile games developer.

The funding aims to accelerate the growth of Saudi Arabia’s and MENA’s gaming industry by providing capital and strategic support to local developers. This investment is part of a broader initiative to nurture local talent and drive innovation within the Saudi gaming ecosystem, following a $40m fund raised by Impact 46 in Mar’24. The fund has already invested in 2 companies, with the most recent $5m pre-Seed funding in Spekter Games.

Australia-based games developer Qloud Games has raised $5m in a Seed round led by BITKRAFT Ventures and GFR Fund, with participation from a16z, 1UP Fund, and Gaingels. The funding will be used to expand operations and advance the development of a solarpunk MMO of Loftia. Loftia has finished a $1.3m Kickstarter campaign in 2024 and completed Alpha testing in Aug’23.

US-based game technology company Studio Atelico has raised $5m in a seed funding round led by Air Street Capital with participation from angel investors. The funding will be used to develop games utilizing the company’s proprietary Atelico Engine and to release titles that expand its portfolio of AI-first gaming experiences. Studio Atelico focuses on crafting AI-driven games and technologies that create new gameplay genres, with capabilities including an on-device AI engine that operates locally and modular frameworks compatible with major game engines. The company previously raised $715k in a seed round in Mar’25.

UK-based AI game creation platform Tilki has raised $2.2m in a pre-Seed round led by Twin Path Ventures, with participation from Atlas AI, XTX Ventures, and SFC Capital. This funding supports the launch of the company’s AI game creation platform. Tilki enables users to build video games without coding by using AI-powered models. The company plans to launch a closed beta in six months and an open beta in a year. 

UK-based LiveOps strategy platform provider Arcanix has raised an undisclosed amount from ForsVC, with additional support from imec.istart accelerator program. The funding will be used for product development, onboarding of early partners, and expanding the team across Europe, specifically in Belgium and the UK. Arcanix offers a SaaS platform that delivers data-driven insights and forecasting to enhance operational efficiency, player engagement, and revenue for game teams.

FUNDRAISING

Web3 companies Avalanche Foundation and Helika have launched a web3 gaming accelerator to support game studios exploring web3 integrations. Each selected studio will receive an initial $25k, with potential for up to $125k for top-performing teams. The three-month program provides funding, mentorship, technical infrastructure, analytics tools, and community access. The accelerator targets both web3-native studios and traditional developers seeking blockchain integration.

UK-based independent game publisher Silver Lining Interactive has launched the Silver Bullet Programme, offering up to $100k in funding per development team to support small teams or solo indie creators. The funding will be used for game development and will include tailored publishing support such as marketing, QA, porting, and access to creator and influencer networks. Formed by veterans from indie publisher Merge Games, the company focuses on supporting unconventional and experimental games while preserving creative vision.

Former Pixel United veterans who lead Plarium’s RAID: Shadow Legends have announced a new investment venture, Plan A Games, backed by Fortress Investment Group affiliates. The initiative will provide support for mobile casual, midcore, and social casino mobile game developers, with potential expansion to PC and newly emerging platforms, like Roblox. Alongside capital, Plan A will provide UA funding, performance analytics, and operational expertise.