UA Financing Goes Mainstream: PvX Partners Raises $10.5m Series A, Leus Capital Commits $20.4m to Spektra Games and Narcade
Singapore-based user acquisition financing platform PvX Partners has raised a $10.5m Series A round, led by T-Accelerate Capital alongside Z Venture Capital and Drive by DraftKings, and follow-on investments from existing backers Play Ventures and General Catalyst. Proceeds will fund headcount expansion and further development of Lambda, PvX’s proprietary machine-learning underwriting platform, in support of the firm’s stated goal of quadrupling deal volume in 2026. The firm simultaneously announced that it had surpassed $750m in committed UA financing, tripling the $250m mark the platform announced in Dec’25.
PvX Partners, founded in 2024 and led by CEO Joe Wadakethalakal, specializes in cohort financing for consumer apps and mobile games. The firm provides credit facilities secured by revenues generated by user cohorts acquired during a defined period. Through its PvX Capital product, the firm funds up to 80% of a client’s monthly marketing expenses and shares up to 80% of cohort revenues until principal is repaid. To underwrite deals, PvX uses PvX Lambda, its proprietary machine-learning platform that benchmarks performance and forecasts UA outcomes across geographies and app categories.
PvX’s most recent deployment came on Apr 20, 2026, when AI-native hybrid-casual developer Smash Games secured $2m in non-dilutive UA financing to scale its drop-merge mobile title Animal Suika – Drop Merge. As Ben Eshel, CEO of Smash Games, stated, “PvX fills a real gap in the games industry, giving developers the ability to retain creative control while accessing capital to scale user acquisition at key growth moments.”
UA financing has become a trending growth-capital channel among mobile game developers, with multiple specialized providers announcing new facilities. Türkiye-based Leus Capital, founded in 2024, is another such provider. The firm disclosed two UA financing facilities with Türkiye-based mobile games developers in Apr’26, totaling $20.4m in committed capital across Spektra Games and Narcade. Leus Capital extended $10m to Spektra Games, founded in Jun’20 by Kadir Danışman, Doğukan Şen, and Yusuf Demir, which operates within the mobile racing and simulation segment. Its flagship title, Highway Racer Pro, topped the charts as the #1 racing game across the US and 45+ countries shortly after launch, with more than 10 million cumulative downloads, according to AppMagic. Leus Capital separately operates an ongoing $10.4m UA financing facility with Narcade, with $4.4m deployed and a further $6m committed across Narcade’s mobile games portfolio. Founded in 2011, the studio operates within the mobile puzzle and casual games segment. Its portfolio, anchored by titles such as Farm Bubbles, Zipline Valley, and Farm Blast, reached more than 36 million cumulative downloads, according to AppMagic. Together, the Spektra and Narcade facilities mark Leus Capital’s emergence as a scaled provider of cohort-based UA financing, alongside PvX Partners, in a channel that continues to mature as an alternative growth-capital channel for mobile gaming and consumer app developers.
