Mika Games Invests $2 Million in Hybrid-Casual Game Set to Surpass Plants vs. Zombies
A gaming fund launched by Wargaming co-founder Nick Katselapov invests in Agonalea Games, the Buenos Aires-based studio behind Punko.io, the hybrid-casual tower defense game that delivers the mid-core experience players crave. With the product model’s revenue surging 30%, Mika Games continues its mission to back underfunded game developers.
Nicosia, Cyprus, April 10, 2025 — Mika Games, a gaming investment company planning to invest $50 million in mobile game studios, has announced its third investment in a year — a $2 million seed round in Buenos Aires-based Agonalea Games. Founded by gaming veterans from Sensor Tower and Pixowl, the studio will use the funding to further develop and publish its free-to-play hybrid-casual tower defense game, Punko.io, which was recently nominated for Best Mobile Game at gamescom latam BIG Festival 2025.
With Punko.io, Agonalea Games delivers exactly what Plants vs. Zombies 3 failed to provide — true strategic depth, good long-term progression, and, above all, fun. Inspired by Habby’s signature product model, Punko.io offers tower defense with deep mid-core roots instead of dumbed-down mechanics, aggressive monetization, and harsh punishments. The twist? Players can strategically equip their main character with RPG items from a dynamic inventory, blending the nostalgic charm of classic flash tower defense with modern gameplay and sleek design.
“We are investing in Agonalea Games not just with capital, but with strategic support to help them build innovative, standout mobile games,” — said Nick Katselapov, Founder of Mika Games. “Mid-core games are facing high engagement demands and a CPI often exceeding $10 and sometimes reaching $30. On the other hand, hyper-casual games struggle with long-term retention. This makes hybrid-casual a perfect blend, offering strong LTV at lower UA costs and making it one of the most profitable segments in mobile gaming.”
Punko.io integrates key mechanics from top-performing mobile hits, like Clash Royale and Archero — plus the best elements of Plants vs. Zombies. This highly engaging mix is already delivering strong results — starting with an above-market retention rate, which is on par with hit titles like Candy Сrush Saga and Brawl Stars.
Founded in 2018 by Pedro Aira (ex-Sensor Tower) and Vanina Fregoti (ex-Pixowl), Agonalea Games has already earned industry recognition, including winning the Google Play LATAM Indie Game Fund 2022 and Mobile Game of the Year in the Argentinian Videogames Expo (EVA) 2024. The Agonalea Games team also played a key role in developing successful titles such as Peanuts: Snoopy’s Town Tale and Goosebumps: Horror Town.
“At Agonalea Games, we build experiences that evoke childlike wonder and joy,” — said Pedro Aira, co-founder of Agonalea Games. “In a world where social media giants fight for every second of our attention, Punko.io flips the script, boldly declaring that today’s media consumers are the real zombies to battle. It’s not just a game — it’s a rebellious, strategic revolution that challenges the distractions of modern life and sets a new standard for the genre.”
This marks Mika Games’ third investment, as the company continues to build a portfolio of high-potential mobile game studios. Its existing investments include Guli Games and Hot Siberians. Backed by Boston-based VC firm Flint Capital, Mika Games aims to deploy $50 million into gaming startups, helping them scale beyond $1 million in monthly revenue, become self-sufficient, and increase valuations with the ultimate goal of an IPO. Besides capital, Mika Games provides hands-on support in business processes, game design, monetization, marketing, and product strategy.
The hybrid-casual gaming sector saw significant growth in 2023, with over 130 new releases — a nearly 40% year-over-year increase. While 2024 was a challenging year for mobile gaming — with downloads dropping 6% on the App Store and 11% on Google Play — hybrid-casual games defied the trend, posting a 30% revenue surge over the past year.
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About Mika Games
Mika Games is a Cyprus-based investment company established in 2023. The company strategically invests in gaming studios with products in soft launch, providing leverage to scale them globally. It is focused on free-to-play mobile games that have the potential to engage players for years, making it genre-agnostic. Currently, Mika Games portfolio includes two studios — Guli Games and Hot Siberians. The company is offering the necessary resources, including time, money, and expertise, to navigate through the tedious soft launch phase and transform the game into a successful business.
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