A startup from Turkey that has developed a popular casual mobile game where players have to locate cats in Where’s Wally-style drawings of increasing complexity has secured $18 million in funding. Agave Games, the company behind Find the Cat, plans to use the Series A funding to expand its team and work on upcoming titles, starting with at least two more within the next year.
The investment comes at a time when casual mobile games, including word puzzles, physical puzzles, number puzzles, and farm-building games, continue to attract large audiences and generate significant revenues. Find the Cat achieved over 10 million downloads in its first quarter of release (in August). One investor likened the company to Tripledot, a successful mobile game developer that has raised substantial funding at a high valuation.
Felix Capital and Balderton Capital are jointly leading the funding round, with E2VC also participating. All three firms were already investors, with Balderton leading Agave’s seed round. The company has now raised $25.5 million and is valued at around $100 million post-funding.
Turkey has seen a surge in successful game startups, with companies like Peak Games, Dream Games, Tripledot, and Spyke making significant waves in the industry. Agave’s CEO Alper Oner, although loosely connected to Peak Games, initially ventured into the tech business in the U.S. before returning to Turkey to start Agave with his friends.
Agave’s focus on casual games reflects its founders’ passion for gaming and tech. The company’s success with Find the Cat highlights the evolving nature of casual game development. The use of AI in creating game content has helped streamline the process and enhance the gameplay experience.
Agave’s revenue model includes in-app purchases and advertising, with the game earning significant revenues on Android. The company’s strategic use of AI in the creative process indicates a potential for further advancements in personalization and game development over time.
Investors like Balderton Capital see a promising future for Agave, envisioning the company as a $100 million revenue enterprise due to the game’s engaging gameplay and the team’s innovative concepts and polished execution. The company’s strong focus on creating enjoyable gaming experiences sets it apart in the competitive mobile gaming industry.
