Tencent leads $46m round in Flow Games as Türkiye out-raises Asia-Pacific and North America in mobile game funding
Türkiye-based mobile games developer Flow Games has raised $46m in a round led by Tencent (SEHK: 700), which provided about three-quarters of the amount, with Makers Fund, Arcadia Gaming Partners, and Ludus Ventures also participating. It is the studio’s second round after a $2.5m Seed led by Ludus Ventures in Jul’25, bringing total funding to ~$49m. Flow will put the new money into Smash Fest!, its team, and new mobile titles.
Flow’s only game so far, the physics-based cannon-and-destruction puzzle game Smash Fest!, reached No. 1 among free games on the US App Store in late June, weeks after its global launch, and has passed 23 million downloads, Flow says. Player spending has reached ~$8.9m, according to AppMagic estimates, with most revenue coming from ads. The format caught on fast: since June, nearly 50 games with “smash” in their names have launched, according to AppMagic.
Flow’s founders come from the studios behind Istanbul’s puzzle boom: CEO Mehmet Emin Taşcı from Good Job Games, CTO Baturay Üstündağ from Peak and Fomo Games, and art director Aygün Kaplan from Bigger Games and Dream Games.
Türkiye has led the world in private funding for mobile game studios since 2025, overtaking the US, the leader in every year since 2020, in InvestGame data. From Jan’25 to mid-Oct’26, Türkiye-based mobile studios raised ~$400m, close to 40% of the global total over the same period and more than all of Asia-Pacific or North America.
The money is following a proven playbook. Peak Games opened Türkiye’s run of games unicorns when Zynga bought it for $1.8B in 2020. Dream Games, founded by Peak veterans, reached a $1.0B valuation in 2021. In 2025, its venture investors sold out in a ~$2.5B deal financed with $1.0B of equity and ~$1.5B of debt, in which CVC Capital Partners took a ~30% stake. In February, Scopely bought a majority stake in Loom Games in a deal valuing the studio at ~$1.0B, and in May, Grand Games‘ $70m Series B left it close to unicorn status, according to lead investor Balderton. It is no surprise that Türkiye has become a top hub for mobile game funding.
Flow’s round is the third-largest for a Türkiye-based mobile studio since Jan’25, after Grand Games’ $70m and Good Job Games‘ $60m Series A. It is also Tencent’s second bet on an Istanbul studio in three weeks: in late September it led the $25m Series A of puzzle developer Circle Games.
