Social mobile games company Spyke has secured a massive $55m injection in the latest seed round of funding, led by venture capital giants Griffin Gaming Partners.
The casual-games maker is fronted by a team known for their production of hugely popular games, and this funding round breaks a number of records, including being the largest seed round raised by a female CEO in Turkey as well as being a new high in the mobile gaming industry.
Spyke’s team includes a co-founding team with a rich history in the gaming industry, bringing together five leaders who have helped develop some of the world’s highest-grossing mobile titles, which have generated a staggering 9m+ daily active users and over $1 billion in revenue.
Mobile gaming has become a huge industry in recent years, becoming another groundbreaking market due to the increasing amount of time we spend in front of our mobile devices, no doubt sped up by a pandemic that has led us to spend more time among ourselves, usually indoors.
Another industry, the online casino market, has seen similar strides made during the past COVID-19 fueled years, Hyperino.de being a key player in the German market, showing there is money to be made from these sectors.
Spyke Games team comprises successful individuals who cut their teeth at the likes of Zynga and Riot Games, producing addictive titles that have been entertaining the masses consistently with each release.
On the funding of the latest round, Griffin Gaming Partner’s Managing Director Phil Sanderson commented;
“Spyke has the perfect combination of a deeply experienced team with proven success developing games and an unwavering focus on execution,”
Griffing Gaming Partners is a leading venture capital firm that is focused on the top players in the global gaming market, and this investment is sure to bear fruit in the short, medium, and long term.
According to reports, Spyke will use the funds from this investment to help their continued growth as well as to aid them in a push to hire the top talent in Turkey’s burgeoning technology and gaming sector.
Turkey is fast becoming a start-up hub; in 2021, Turkish start-up companies raised over $1.4 billion, with gaming companies making up almost a third of that capital.
Spyke will look to use this investment round to further their push to add a new dimension to casual social media-led games where multiplayer functionality will become a key factor. It’s something that Spyke CEO Rina Onur Sirinoglu believes is the logical next step in the industry;
“Teams and alliances, clans, tournaments — these exist in the mid-core genre, and that is why they are so sticky,”
“They let people play together and compete together. We are betting this will start happening in casual games, too.”
And that seems like a fairly safe bet.
Perhaps what’s most eye-opening about this investment is the fact that Spyke has raised this sum before it’s even launched a game of its own. Royal Riches, which has been on limited release thus far, is set to be launched worldwide digitally later in January.
This is a paid guest post.