Overview
Agave Games, the Turkish startup behind the hit casual mobile game Find the Cat, has secured $18 million in funding as part of its Series A round. This investment will enable the company to expand its team and work on future titles, including at least two more games in the next year.
Funding Details
The funding comes from Felix Capital and Balderton Capital, who are co-leading this round alongside e2vc. Agave has now raised a total of $25.5 million, with a post-money valuation in the region of around $100 million. This investment will be used to build out the team and develop new games.
Agave’s Traction
Find the Cat, released in August, has crossed 10 million downloads in its first quarter of life. The game is a huge success, and its traction is a testament to Agave’s ability to create engaging and addictive gameplay experiences. With $10 million in revenues on Android alone, according to SensorTower estimates, Find the Cat is a significant player in the casual mobile gaming market.
The Rise of Casual Mobile Games
Casual mobile games have seen huge success in recent years, with word puzzles, physical puzzles, number puzzles, farm-building, and other genres raking in massive audiences and revenues. Agave’s game, Find the Cat, is a prime example of this trend, leveraging in-app purchases and advertising to generate significant revenue.
The Role of AI in Game Development
Agave is using AI extensively in its creative process, particularly in the creation of initial pictures for games. Humans then come in to "polish" these images, ensuring that they are visually appealing and engaging. This approach allows Agave to create high-quality game art quickly and efficiently.
The Potential for Future Growth
Rob Moffat, partner at Balderton Capital, believes that Agave has the potential to become a $100 million revenue company. He attributes this to the stickiness of gameplay in Find the Cat, as well as the company’s ability to create polished and fun experiences.
Agave Games’ Vision
Agave’s vision is to become a leading developer of casual mobile games, with a focus on creating engaging and addictive experiences for players. With its successful game, Find the Cat, and this significant investment in funding, the company is well-positioned to achieve this goal.
Topics
- Agave Games
- Casual games
- Europe
- Fundraising
- Gaming
- Middle East
- Peak
- Turkey
About Ingrid Lunden
Ingrid Lunden is a writer and editor for TechCrunch, covering mobile, digital media, advertising, and the spaces where these intersect. With a background in paidContent.org and freelance writing for publications such as the Financial Times, she has in-depth knowledge of the tech industry.
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