Spyke Games Valuation, Funding & Investors
Spyke Games is valued at $315M as of May 2024.
Last Spyke Games valuation
$315M
Series A · May 2024
Last Spyke Games funding round
$50M
Series A · May 2024
Cumulative funding Spyke Games raised
$105M
across 2 funding rounds
Key investors in Spyke Games
Griffin Gaming Partners
Moon Active
About Spyke Games
Spyke Games is a Tel Aviv-based mobile game developer specializing in competitive multiplayer titles. The studio releases games like Spyke Fight, a battle royale shooter, and team-based arena brawlers with character customization and ranked matchmaking. Spyke leverages Unity engine for cross-platform play on iOS and Android. Founded in 2020, the company analyzes player data to balance economies and progression systems, targeting esports integration.
Founded
2020
HQ
İstanbulWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Advertising, Product sales
Valuation
$315M (May 2024)
Sectors
Spyke Games Valuation
Spyke Games is currently valued at $315M, based on its Series A in May 2024.
The $50M round was led by Moon Active.
Spyke Games' valuation has grown 1.3x from $250M at its seed round in January 2022 to $315M in May 2024, across 2 priced rounds.
Spyke Games valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2024 | Series A | $315M |
| Jan 2022 | Seed | $250M |
Spyke Games Funding History
Spyke Games has raised a total of $105M across 2 funding rounds.
Spyke Games' first fundraising round was a $55M seed round in January 2022. The most recent completed round was a $50M Series A in May 2024.
Spyke Games funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2024 | Series A | Moon Active (lead) | $50M | $315M | Spyke Games is a Turkish mobile game developer founded in 2020, creating social casual games including titles such as Royal Riches, Blitz Busters, and Tile Busters. The company was founded by former Peak Games executives with significant industry experience. In May 2024, Spyke Games raised $50 million in a growth round led by Moon Active, an Israel-based mobile games publisher. This investment valued Spyke Games at approximately $315 million post-money, with Moon Active acquiring a 15.86 percent ownership stake. The round brought the company's total disclosed funding to over $100 million, including a $55 million seed investment from Griffin Gaming Partners in January 2022, which was the largest seed round for a Turkish gaming startup at that time. The investment marked the largest disclosed investment in a Turkish mobile game company in 2024. Moon Active cited the partnership as providing strategic support in the competitive tile puzzle gaming genre, leveraging its expertise in user acquisition, monetization strategies, and live operations. As of 2024, Spyke Games' Tile Busters ranked second in in-app purchase revenue within the tile puzzle genre, with Moon Active's Zen Match ranking third. The capital from the funding round was intended to accelerate product development, expand the team of 180+ employees, enhance marketing strategies, scale operations globally, and bolster technological infrastructure for more innovative game mechanics and storytelling capabilities. |
| Jan 2022 | Seed | Griffin Gaming Partners (lead) | $55M | $250M | Spyke Games is a Turkish mobile gaming studio founded in 2021, specializing in social casual games with multiplayer functionality. The company, led by CEO Rina Onur Şirinoğlu (co-founder of Peak Games, acquired by Zynga for $1.8B), along with executives from Zynga and Riot Games, raised a record-breaking $55M seed round on January 17, 2022, led by Griffin Gaming Partners. This followed a $5M pre-seed at $25M valuation in February 2021 from the same investor, bringing total funding to $55M. The post-money valuation for the 2022 round was $250M. Funds were allocated to hire marketing and user acquisition staff and develop their debut game, Royal Riches, launched shortly after on iOS and Android. Griffin Gaming Partners, a firm focused on gaming with investments in Discord, AppLovin, and others, praised Spyke's experienced team, which had previously driven 9.5M DAU and $1B in revenue across past projects at Peak, Zynga, and Riot. The round marked the largest seed for a female-led startup in Turkey and mobile gaming globally. Spyke aimed to capitalize on the booming mobile gaming market, projected to grow significantly per industry reports. Post-round, Spyke released Tile Busters in late 2022, achieving over $38.6M lifetime IAP revenue. In May 2024, Moon Active invested $50M for a 15.9% stake, valuing Spyke at ~$315M, indicating strong traction and follow-on interest. |
Who has invested in Spyke Games?
2 investors have backed Spyke Games across its funding rounds, including Griffin Gaming Partners and Moon Active.
Lead investors include Moon Active and Griffin Gaming Partners.
Spyke Games Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 2 Spyke Games investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialSpyke Games Competitors
Spyke Games competitors include listed companies like Zengame Technology, 7ROAD and Akatsuki, and private ones like Xterio, Medal and TokenWin.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $230M | $59M | $306M | - | |
| China | Publicly listed | $78M | $13M | $328M | - | |
 Japan | Publicly listed | $166M | $55M | $302M | 1.3x | |
 Zug | Private | - | - | $300M | - | |
 Naarden | Private | - | - | $333M | - | |
 Las Vegas, NV | Private | - | - | $349M | - |
Spyke Games Public Comps
Spyke Games is still privately-owned, but its public comps include Zengame Technology, 7ROAD, Akatsuki, Sohu, Qingci Games, Huuuge, Boyaa Interactive, Neowiz, COLOPL and Wemade.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $230M | $59M | - | - | - | - | |||
| $78M | $13M | 3.6x | - | 21.1x | - | |||
| $166M | $55M | 1.7x | 1.3x | 5.1x | 4.7x | |||
| $584M | ($54M) | - | - | - | - | |||
| $68M | $21M | - | - | - | - | |||
| $236M | $90M | 0.6x | - | 1.5x | - | |||
| $60M | ($35M) | 4.3x | 4.3x | (7.4x) | - | |||
| $315M | $54M | 0.2x | 0.2x | 1.2x | 1.7x | |||
This data is available for Pro users. Sign up to see all Spyke Games competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Spyke Games
| When was Spyke Games founded? | Spyke Games was founded in 2020. |
| Where is Spyke Games headquartered? | Spyke Games is headquartered in İstanbul, Turkey. |
| Is Spyke Games publicly listed? | No, Spyke Games is a private, VC-backed company. |
| What is Spyke Games' valuation? | Spyke Games was last valued at $315M in its Series A in May 2024. |
| How much funding has Spyke Games raised? | Spyke Games has raised $105M across 2 funding rounds. |
| What was Spyke Games' last funding round? | Spyke Games' last funding round was a $50M Series A in May 2024, led by Moon Active. |
| Who are Spyke Games' investors? | Spyke Games' investors include Griffin Gaming Partners and Moon Active. |
| Which companies are comparable to Spyke Games? | Companies comparable to Spyke Games include Zengame Technology, 7ROAD, Akatsuki, Xterio, Medal and TokenWin. |
See companies similar to Spyke Games
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