Türkiye’s game companies had a fast start into the year so far. Developer of more than 120 mobile games, Yamy Studio, received an investment with $4 million valuation from London-based UP Venture Capital.
Ömer Uyan, Co-Founder of UP Venture Capital, made comments:
“As UP Venture Capital, we invested in Yamy Studio in line with our strategy of investing in industries with high growth potential. With this investment, we aim to expand our portfolio, which consists of companies operating in the game, chemistry, capital, and sustainable energy industry.”
Yamy Studio Co-Founder, Ahmet Ferhat Akben, added:
“We laid the foundation of our studio in 2020 with my partners Yunus Alkan and Mikdat Doğru, and this investment from London-based private equity fund UP Venture Capital increased the company value to over 4 million dollars.”
The Istanbul-based game studio reached 1 million downloads with its game called Hoop 4 in 2021, and exceeded the 2 million threshold in 2022 with Parents Run.
Emphasizing that Parents Run has reached the top in lists for most downloaded games, Akben continued his words as follows, “As Yamy Studio, we have developed over 120 games to date. As users began to spend more time in mobile games, the mobile game genre known as hybrid-casual gained new features.
“The hybrid-casual genre, which is lengthier than hyper-casual, is constantly updated, and offers players reasons to play again. It will be one of the rising trends of 2023. We are positioned as the pioneer of this trend, and we deliver our games to players worldwide. With this investment, we will work to grow our team with qualified talent and continue to publish and develop games.
“The development of mobile games marks a breaking point for the video game industry. As Yamy Studio, we will continue to work with the vision of becoming one of the leading companies in the mobile game industry. With this investment, we have proven our potential by adding a new success story to our country’s game industry.”
Akben concluded his speech by emphasizing that, according to current data and despite the global economic conditions, mobile game expenditures constitute a volume of $110 billion in 2022.