Five Years of The Rising Gaming Empire—Turkiye

Five Years
of the Rising
Gaming Empire
TURKIYE

Turkiye – the rising factory for new gaming stars
2
$935 M
Capital invested
Private investments
#132
Rounds closed
Top -3 fundraisers
$2.9 B
Cumulative value
Exits (M&A) 2
Top -3 exits
#7
Exits
Most active
Strategic Investors
Most active VCs
Cumulative values over 20 20 –2025 YTD 1
Note: (1) Excluding recently rumoured $2.5B financing round of Dream Games; (2) control M&A deals with upfront Enterprise Val ue above $5M; amounts include maximum earn -out consideration

$12M
$283M
$441M
$65M
$93M
7
40
29
34
20
( 7 )
( 2 )
3
8
1 3
1 8
2 3
2 8
3 3
3 8
$ 0m
$ 50 m
$ 10 0 m
$ 15 0 m
$ 20 0 m
$ 25 0 m
$ 30 0 m
$ 35 0 m
$ 40 0 m
$ 45 0 m
$ 50 0 m
2020 2021 2022 2023 2024
Deal value Number of deals
3
Turkiye Rest of the world
~2.4 %
of Global
$935 M
Capital raised
#132
Rounds closed
~5.8 %
of Global
Total VC & Corporate deals in
Turkiye over 2020 -2025 YTD 1
Surge in external capital fuels Turkiye’s entrepreneurship growth …
$6,4B
$12,1B
$10,5B
$2,8B
$4,9B
224
538 535
386
446
( 4 00 )
( 3 00 )
( 2 00 )
( 1 00 )
–
1 00
2 00
3 00
4 00
5 00
$ 0, 0 B
$ 2, 0 B
$ 4, 0 B
$ 6, 0 B
$ 8, 0 B
$ 10 , 0B
$ 12 , 0B
$ 14 , 0B
$ 16 , 0B
2020 2021 2022 2023 2024
Deal value Number of deals
Note: (1) including all Private Investments across all categories such as Gaming, Platform & Tech, and others, excluding rece ntly rumored $2.5B financing round of Dream Games

1 14 11 14 9 1
2 5
4
2
2
16 16 18
11
$10M
$278M
$412M
$66M $73M
-$ 1 00 0 m
-$ 8 00 m
-$ 6 00 m
-$ 4 00 m
-$ 2 00 m
$ 0m
$ 20 0 m
$ 40 0 m
0
5
10
15
20
25
30
2020 2021 2022 2023 2024
Gaming Other Deal Value, $m
3 17 7 11 7 1
4
4
4
2 4
21
11
15
9
$2M
$5M $4M
$1M $0,4M
-$ 1 5, 0 m
-$ 1 0, 0 m
-$ 5 ,0 m
$ 0, 0 m
$ 5, 0 m
0
5
10
15
20
25
2020 2021 2022 2023 2024
Gaming Other Deal Value, $m
4
Top VCs Top VCs
VC deals $1M
… largely supported by local and global generalist VC funds
VC deals raised by Turkiye -based gaming startups

Rank Company Investors Total Raised Rounds Founded Founding team
background Segment Titles
#1 $468m
+$2.5B
Seed (2019)
Series A (2021)
Series B (2021)
Series C (2022)
Series D (2025)
2019 Mobile
#2 $105m Seed (2022)
Corporate (2024) 2020 Mobile
#3 $50m Seed (2022) 2020 n/a Mobile
(web3)
#4 $33m Seed (2024)
Series A (2025) 2024 Mobile
#5 $32m Seed (2021)
Corporate (2022) 2020 Mobile
#6 $30m Series A (2021) 2016 Mobile
#7 $25m Seed (2022)
Series A (2024) 2021 Mobile
#8 $1 9m
Seed (2010)
Series A (2011)
Series B (2011)
2010 GameGarden Inc. Mobile
#9 $13m Seed (2022)
Corporate (2024) 2022 Mobile TBA
#10 $11m Seed (2021)
Seed (2023) 2021 Mobile
5
Potential round announced in Jan’25 Fundraising completed in 2024 and later
Casual mobile gaming studios dominate Turkiye’s top fundraisings

Rank Fund Name HQ # of deals
(total)
# of deals
(lead)
Notable
Investments
#1 5 5
#2 4 1
#3 3 3
#4-6 2 1
#4-6 2 1
#4-6 2 1
6
Rank Fund Name HQ # of deals
(total)
# of deals
(lead)
Notable
Investments
#1 3 1
#2 3 1
#3 2 2
#4-6 2 1
#4-6 2 1
#4-6 2 1
Mobile gaming in Turkiye 1 Mobile gaming Seed & Pre -Seed globally 1
Note: (1) ranked by the number of announced deals in 2024 -2025 Jan; Laton is ranked #1, driven by a higher total deal value in the rounds it participated in ($35M vs. $30M)
Other notable VC investors Other notable VC investors
VCs betting on Turkiye’s gaming talent are also among leading
backers of mobile studios globally

7
~1.8 %
of Global
$2.9 B
Value
of exits
#7
Number of
exits
~3.0 %
of Global
M&A deals with $5M+ upfront EV
in Turkiye over 2020 -2025 YTD
Robust M&A activity sparked an investment surge in the region
$8,1B
$68,7B
$7,7B
$32,7B $33,7B
$76,8B
$7,8B
46
84
56
19 25
( 8 0)
( 6 0)
( 4 0)
( 2 0)
–
2 0
4 0
6 0
8 0
1 00
$ 0, 0 B
$ 10 , 0B
$ 20 , 0B
$ 30 , 0B
$ 40 , 0B
$ 50 , 0B
$ 60 , 0B
$ 70 , 0B
$ 80 , 0B
$ 90 , 0B
2020 2021 2022 2023 2024
Deal value Number of deals
$187m $150m
$2.1B
$300m
$2.3B
$90M
$450M
– $67M
3
1
2
–
1
( 6 )
( 5 )
( 4 )
( 3 )
( 2 )
( 1 )
–
1
2
3
4
$ 0m
$ 20 0 m
$ 40 0 m
$ 60 0 m
$ 80 0 m
$ 10 0 0m
$ 12 0 0m
$ 14 0 0m
2020 2021 2022 2023 2024
Deal value Number of deals
Note: Includes all control M&A deals across all categories (incl. Gaming, Platform & Tech, and others)
Turkiye Rest of the world

Rank Closing Date Target company Acquirer Notable Investors Segment Upfront deal value Total deal value
(incl. earn -out)
#1 Jul’20 Mobile $2.1B $2.1B
#2 May’18 Mobile $250m $250 m
#3 Feb’19 Bootstrapped Mobile ~$200m ~$200 m
#4 Oct’20 Bootstrapped Mobile $180m $225m
#5 Dec’22 Bootstrapped Mobile ~$125m ~$125 m
#6 Mar’22 Bootstrapped Mobile $100m $300 m
#7 Nov’17 Mobile $100m $100m
#8 Dec’24 Mobile $27m $67 m
#9 Aug’21 Bootstrapped Mobile $10m $90 m
#10 Dec’20 Bootstrapped Mobile $6m $7 m
8
Major gaming M&A exits to date, with more on the horizon
(Zen Match asset sale)
(Onnect asset sale)
(Card games asset sale)

M&A deals ( $5M+ upfront 1) Private investments ($1M+ rounds)
9
Turkiye b reaks into the major league: taking on the heavyweights
Cumulative value
Number of exits
3
7 7
25
0
2
4
6
8
10
12
14
16
Number of rounds
1
12 14 6
5
2
15 15
16 9
18
26
37
20
17
8
13
8
4
6
0
5
10
15
20
25
30
35
40
2020 2021 2022 2023 2024
$1.5 B $7.2 B $2.9 B $6.9 B
11 28 46 50 27 11
11
68
38 39
57
118
ISR FN TR UK
Gaming
Other
Capital raised
Number of rounds
$1.2B $0.3 B $0.9 B $1.5 B
Note: (1) includes all control M&A deals across all categories (incl. Gaming, Platform & Tech, and others) with upfront Enter prise Value >$5M over 2020 -2024