Tabarak Paracha
Agosto 4, 2026
Many markets produce one breakout company, then spend the next decade asking why it did not happen again.Türkiye’s mobile gaming ecosystem followed a different path.
It produced a first generation of successful founders, then a second, and now a third. As Batuhan Avucan, founder of Mobidictum, explained during a recent episode of Tenjin ROI 101:
“The obvious starting point is Peak Games. The success of Peak wasn’t just important for gaming. It was important for the entire startup ecosystem because it was Turkey’s first unicorn.”
Peak Games raised approximately $19 million in venture funding before Zynga agreed to acquire the company for $1.8 billion in 2020. For most companies, that would be where the story ends. For Türkiye’s gaming industry, it was where the ecosystem began. [1][2]
The acquisition helped circulate capital, operating experience, knowledge, and investor confidence throughout the market. Former Peak employees and investors went on to found or support dozens of other companies. By 2022, Startups.watch had traced 65 startups to people whose paths crossed with Peak, including 28 gaming companies. [3]
The wider Turkish gaming ecosystem continued to expand. The latest official ecosystem report counts 757 active studios, 13 incubators, 22 gaming-focused accelerators, and 12 gaming-specific investors. It also ranks Istanbul as Europe’s second-largest gaming hub after London. [4]
By 2025, Dream Games, founded by former Peak executives, generated an estimated $1.7 billion in app-store in-app purchase revenue. Peak Games generated an estimated $619.7 million during the same year. These AppMagic estimates exclude webshops, advertising, and other alternative revenue sources, but they still demonstrate how far the ecosystem’s next generation has grown. [5]
Peak did not simply become Türkiye’s biggest gaming success story. It helped create a system capable of producing more.
We sat down with Batuhan to understand how that happened and what other emerging markets can learn from it.
In brief: Türkiye’s mobile gaming ecosystem grew through five reinforcing forces: a landmark exit, the circulation of experienced talent, an execution-focused operating culture, resilience under difficult conditions, and a global-first approach to product development. Peak Games provided the proof point, but repeated generations of founders turned one success into an ecosystem.
Türkiye’s Mobile Gaming Ecosystem in Numbers
| Indicator | Evidence |
| Peak Games funding before acquisition | Approximately $18 million |
| Zynga acquisition of Peak Games | $1.8 billion |
| Startups connected to Peak alumni by 2022 | 65 |
| Peak-connected gaming startups by 2022 | 28 |
| Active gaming studios in Türkiye | 757 |
| Gaming incubators | 13 |
| Gaming-focused accelerators | 22 |
| Gaming-specific investors | 12 |
| Dream Games’ estimated 2025 IAP revenue | $1.7 billion |
| Peak Games’ estimated 2025 IAP revenue | $619.7 million |
Revenue figures are AppMagic estimates covering the App Store and Google Play. They do not include advertising, webshops, or other direct-to-consumer revenue.
Lesson 1: One Success Can Fuel an Entire Ecosystem
Within Türkiye’s startup community, the network of companies created by former Peak employees is sometimes called the “Peak Mafia.”
The name references the PayPal Mafia, the group of former PayPal founders and employees who went on to build and fund companies across Silicon Valley. In Türkiye, Peak alumni helped establish companies including Dream Games, Spyke Games, and Ace Games.
Batuhan explains the effect:
“The key impact of Peak was that it created a generation of founders with exit experience. People who worked there had stock options, experience, and confidence to start their own companies. That’s how the second wave of startups emerged: Dream Games, Spyke, Ace Games, and others.”
What the acquisition distributed was not only capital. It distributed first-hand knowledge of how to build, operate, monetize, and scale a globally successful mobile game.
That experience reduced uncertainty for the next generation. Employees became founders. Founders became mentors and investors. International investors gained a group of operators whose ability to build global products had already been tested.
Dream Games is the clearest example. Its founding team had previously worked together on Toy Blast and Toon Blast at Peak. In March 2021, Dream announced a $50 million Series A on the same day that Royal Match launched globally, bringing its total funding to $57.5 million. [6]
Investors were not evaluating an unknown team in a vacuum. They were backing founders whose previous work had contributed to a $1.8 billion acquisition.
That is the real mechanism behind the idea that one success produces another.
It is not only inspiration. It is underwriting.
Lesson 2: Iteration Can Be a Competitive Advantage
Batuhan describes a pattern shared by many successful Turkish mobile gaming studios: they do not always begin by attempting to invent an entirely new category.
Instead, they take a proven model and focus on executing it more effectively through stronger monetization, sharper live operations, faster development cycles, and constant product iteration.
“You don’t have to disrupt anything. You just need to make something a little bit better, a little bit easier, or different. But now the market is starting to change. AI has accelerated development, competition is completely global, and new regions like Vietnam are also catching up very quickly.”
Mobile gaming rewards teams that can measure player behavior, understand retention, improve conversion, and respond quickly to performance data. Within that environment, iteration is not necessarily a lack of ambition. It is a disciplined way to reduce product risk. A team can begin with a format players already understand, then compete through execution, polish, live operations, user acquisition, and monetization.
That approach becomes more powerful when knowledge moves between companies. Each generation does not have to learn every lesson from the beginning. New studios inherit operating standards, hiring networks, investor relationships, and an understanding of the metrics required to compete globally.
The strategic question now is whether Türkiye’s execution advantage can also produce more original intellectual property, game formats, and entertainment brands.
Batuhan puts the question directly:
“Do we still rely only on iteration, or is it time for something more innovative?”
The answer may define the ecosystem’s next stage.
Lesson 3: Resilience Matters When Capital Is Not Enough
Türkiye’s government incentive programs and growing venture capital ecosystem have helped gaming companies manage costs and scale their operations.
Batuhan describes the incentives as a type of reimbursement system:
“It works like a cashback system. You spend money and later get part of it back. That improves cash flow, especially for marketing. However, payments can take a long time, sometimes up to a year, and currency fluctuations reduce the real value. So yes, it helps, but the real driver is still VC funding, talent, and execution.”
The distinction matters. Incentives can extend a company’s runway or help it invest more aggressively in marketing and tools. They cannot create product-market fit, build an effective team, or guarantee that players will stay.
Batuhan believes the harder-to-measure factor is resilience:
“Resilience is the factor that sets Turkish founders apart. They don’t give up easily. They don’t blame the market. Many companies struggled for years before succeeding. Some founders almost quit multiple times. But they persisted. That’s the main pattern, not background, not funding, but persistence.”
That does not mean capital is unimportant. Modern mobile gaming requires serious investment in product development, user acquisition, live operations, and measurement.
It means that capital and incentives act as multipliers. Their value depends on the team applying them.
Studios operating in the same market may have access to similar programs, investors, and talent. What separates them is often how quickly they learn, how effectively they respond when a product underperforms, and whether they continue building when the first approach fails.
Lesson 4: A Mature Ecosystem Produces More Diversity
The conditions that supported the rapid growth of hypercasual gaming through 2021 have changed. Competition is more global, user acquisition is more expensive, and the level of product quality required to break through has increased.
As a result, founders are beginning to apply their experience outside traditional mobile gaming.
Batuhan explains:
“Mobile gaming requires serious planning, metrics, and funding. At the same time, mobile apps are becoming more attractive, with companies like Codeway and others scaling well without gaming risk. So founders are diversifying into apps, PC gaming, or other tech sectors.”
Companies such as Codeway, HubX, and AppNation demonstrate how Türkiye’s mobile product expertise can be applied to non-gaming categories. Other founders are moving toward PC gaming, where the development, distribution, and monetization models differ considerably.
Batuhan describes the distinction this way:
“Mobile gaming is very different from PC gaming. Mobile gaming is more like mathematics, focused on metrics like conversion rates, retention, and optimization. PC gaming is more about creative experience.”
This diversification is not necessarily evidence that Türkiye’s mobile gaming ecosystem is weakening. It may be evidence that it has matured. The underlying skills developed inside gaming, including user acquisition, monetization, experimentation, creative testing, data analysis, and global distribution, can transfer into adjacent categories.
A healthy ecosystem does not need every new founder to recreate the same company. It needs experienced people to keep building, even when they choose a different market.
Lesson 5: Build for a Global Market from Day One
Mobile products are not constrained by the size of their domestic market in the same way as many traditional businesses. Turkish studios learned to take advantage of that early. Rather than proving a product locally and expanding later, many build for international audiences from the beginning.
“Most Turkish companies don’t actually test in Turkey and then scale. They usually go straight to the US market. The US is often the real testing ground.”
This global-first approach influences more than distribution. It affects product design, monetization, pricing, user acquisition, creative strategy, performance measurement, and the benchmarks teams use to judge success.
A studio based entirely in Istanbul can compete for the same players as companies in London, Helsinki, San Francisco, Seoul, or Ho Chi Minh City. Its physical location does not prevent it from reaching global app-store charts.
That opportunity also increases the level of competition. Turkish studios are not only competing against one another. They are competing against the best-funded and most experienced teams in the world.
The ecosystem’s response has been to treat global reach as the starting condition, not a later stage of growth.
Lessons for the Turkish Mobile Gaming Ecosystem
Türkiye’s mobile gaming ecosystem was not created by one company, one government program, or one moment. Peak Games provided the proof point. The ecosystem grew because the value created by that success continued to circulate.
Those former employees became founders. Experienced founders became investors and mentors. International capital entered the market. New studios inherited operating knowledge from the companies that came before them. Each generation began with a stronger foundation than the last.
That is the broader lesson for markets trying to produce their own technology ecosystems.
A breakout company matters most when its experience spreads beyond the company itself. The goal should not simply be to manufacture one unicorn. It should be to create the conditions through which one success can make many others more likely.
Türkiye’s next generation may not follow Peak’s path exactly, especially since mbile gaming has become more competitive, and founders are already moving into PC games, mobile apps, entertainment, and other technology categories. This diversification may be a sign of strength: the ecosystem is no longer dependent on producing the next Peak Games, nor the same format.
Looking ahead, Batuhan expects more unicorns, consolidation, and major exits. His greater hope is that Turkish companies begin thinking beyond short-term outcomes and build enduring global businesses that can expand across games, media, entertainment, and entirely new categories.
This would be the clearest sign that the ecosystem has fully evolved: not simply producing successful studios, but producing generations of founders who know how to build, adapt, and compete globally. Peak Games proved that a global gaming company could be built from Istanbul.
The companies that followed proved it could happen again.
Perguntas frequentes?
Why is Türkiye successful in mobile gaming?
Türkiye combines an experienced talent pool, a strong culture of execution and iteration, access to domestic and international investment, government support programs, and a global-first approach to product development. Peak Games also created a major proof point that increased investor confidence and produced a generation of experienced founders.
What impact did Peak Games have on Türkiye’s startup ecosystem?
Peak Games became Türkiye’s first billion-dollar startup when Zynga agreed to acquire it for $1.8 billion in 2020. Its employees, founders, and investors later helped establish and fund dozens of other companies, spreading capital and operating experience across the ecosystem.
Which gaming companies were founded by Peak Games alumni?
Well-known examples include Dream Games, Spyke Games, and Ace Games. Startups.watch reported in 2022 that people connected to Peak had founded 65 startups across different sectors, including 28 gaming companies.
How many game studios are there in Türkiye?
The State of Turkish Startup Ecosystem 2025 report counted 757 active gaming studios. It also reported 13 incubators, 22 gaming-focused accelerators, and 12 gaming-specific investors.
What role do government incentives play in Türkiye’s gaming industry?
Government incentives can reimburse eligible costs and improve cash flow for studios investing in areas such as marketing and tools. However, Batuhan argues that incentives work best as a multiplier for teams that already have talent, funding, and strong execution.
Is Türkiye’s technology ecosystem expanding beyond mobile games?
Yes. Founders and operators are increasingly applying their experience to PC games, non-gaming mobile apps, and other technology categories. This suggests that knowledge developed within mobile gaming is spreading into the wider Turkish startup ecosystem.
Fontes
- TechCrunch: Peak Games’ 2011 Series B brought its total investment to $19 million. https://techcrunch.com/2011/09/27/with-a-foothold-in-emerging-markets-peak-games-climbs-up-the-rankings-raises-11-5-million/
- Zynga: Official announcement of the agreement to acquire Peak for $1.8 billion.
https://www.zynga.com/blog/Zynga-Enters-Into-Agreement-to-Acquire-Istanbul-based-Peak-Creator-of-Top-Charting-Mobile-Franchises-Toon-Blast-and-Toy-Blast - Daily Sabah, citing Startups.watch: Peak-connected founders created 65 startups, including 28 gaming companies.
https://www.dailysabah.com/business/tech/peak-mafia-turkeys-1st-billion-dollar-startup-fires-up-ecosystem - Republic of Türkiye Investment and Finance Office: The State of Turkish Startup Ecosystem 2025.
https://agencyadm.invest.gov.tr/en/library/publications/lists/investpublications/the-state-of-turkish-startup-ecosystem-2025.pdf - AppMagic data summarized by GameDev Reports: Türkiye’s 2025 mobile gaming revenue leaders. https://gamedevreports.substack.com/p/appmagic-and-gamigion-turkiyes-mobile
- Index Ventures: Dream Games’ $50 million Series A brought its total funding to $57.5 million as Royal Match launched globally.
https://www.indexventures.com/perspectives/dream-games-raises-50m-and-launches-its-first-casual-puzzle-game-title-royal-match/
