Photo credit: venturebeat.com
Mika Games has announced a significant investment of $2 million in Agonalea Games, a studio based in Buenos Aires that is developing the innovative hybrid-casual game, Punko.io. This marks the latest effort by the gaming fund, which is co-founded by Nick Katselapov, to support promising but underfunded game developers, part of its broader objective to invest $50 million into mobile game studios.
As of April 10, 2025, Mika Games’ investment in Agonalea Games is its third this year. The funds are aimed at further enhancing Punko.io, which is designed as a free-to-play tower defense game reminiscent of the classic Plants vs. Zombies but boasts deeper strategic elements and a more engaging player experience. Punko.io has already garnered attention, including a nomination for Best Mobile Game at the 2025 gamescom latam BIG Festival.
Agonalea Games aims to fill the gap left by titles like Plants vs. Zombies 3, which some players felt fell short in providing strategic gameplay and meaningful progression. Drawing inspiration from the successful game models of other hits, Punko.io combines elements of traditional tower defense games with modern RPG mechanics, allowing players to customize their main characters with items from a dynamic inventory. This approach seeks to blend nostalgia with contemporary gaming experiences, aiming for fun while avoiding overly aggressive monetization strategies.
“Our investment goes beyond financial support; we are committed to providing strategic guidance to help Agonalea Games create standout mobile experiences,” said Katselapov. He noted the challenges faced by mid-core games regarding user acquisition and engagement, positioning hybrid-casual games as a promising solution. “This blend offers formidable lifetime value while keeping user acquisition costs lower, making it an increasingly profitable segment within the mobile gaming industry,” he explained.
Punko.io has shown promising engagement metrics, achieving retention rates comparable to iconic titles such as Candy Crush Saga and Brawl Stars, indicating its potential success in a competitive market. Founded in 2018 by industry veterans Pedro Aira and Vanina Fregoti, Agonalea Games has already earned accolades, including winning the Google Play LATAM Indie Game Fund in 2022 and Mobile Game of the Year at the Argentinian Videogames Expo in 2024. The team’s background includes work on popular games like Peanuts: Snoopy’s Town Tale and Goosebumps: Horror Town.
“At Agonalea Games, our goal is to create experiences filled with wonder and joy,” stated Aira. “In today’s media landscape, where attention is a commodity being fought over by social media giants, Punko.io seeks to turn the tables, presenting a game that engages players in a strategic battle against distractions, defining a new benchmark for the genre.”
This investment reinforces Mika Games’ commitment to building a robust portfolio of mobile gaming studios, already including Guli Games and Hot Siberians. Funded by Flint Capital, a Boston-based venture capital firm, Mika Games aspires to help studios enhance their monthly revenues and achieve self-sufficiency with the ultimate goal of preparing for an initial public offering. Beyond capital investments, Mika Games offers expertise in various areas, including business operations, game design, monetization, and marketing strategies.
The hybrid-casual gaming landscape has experienced noteworthy expansion, with an influx of over 130 new releases in 2023, marking a substantial increase from previous years. Even as the broader mobile gaming sector faced declines in downloads in 2024, the hybrid-casual category defied the trend, achieving a remarkable 30% growth in revenue.
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About Mika Games
Mika Games, based in Cyprus and founded in 2023, focuses on strategically investing in gaming studios that are in the soft launch phase, providing the necessary resources for global scaling. The firm is dedicated to free-to-play mobile games that promise lasting player engagement, remaining open to a variety of genres. Currently, Mika Games supports two studios—Guli Games and Hot Siberians—offering the time, financial backing, and expertise necessary to navigate the complexities of the market and achieve commercial success.
Source
venturebeat.com