Türkiye has experienced a golden age of gaming ventures over the last five years, according to data by the industry monitor, startups.watch.
Peak became the first billion-dollar startup in Türkiye in 2020 before it was soon followed by Dream Games, which reached unicorn status in less than a year. Türkiye now boasts 10 game incubation centers, 15 acceleration programs and investment funds focused solely on startups engaged in gaming.
According to startups.watch data, out of the 802 game startups founded in the last five years, 667 are still operating, making Istanbul the city with the second-most game studios after London. Startups with fewer employees and smaller but effective revenues have enabled more gaming ventures in Türkiye to emerge and compete globally.
Last year, Spyke Games managed to raise a record $55 million in seed investment, making important strides toward becoming a new unicorn game startup.
The number of ventures that remain standing with their own revenue and have yet to attract investors' attention is also increasing. Game startups have significant experience in successfully offering simple, fast-consumed games in the U.S. market, while some have contributed to the sector's deepening by focusing on in-game purchases and high user loyalty games.
According to research data, 135 of the 802 startups founded in the last five years appear to have discontinued their operations. During the same period, five startups that have surpassed $100 million in exit agreements have collectively achieved a value of over $2.5 billion.
Despite a decline in game startup investments in Türkiye in the first quarter of 2023 due to a global fallout amid rising interest rates and a continued economic downturn, new investments continue.
Gaming startups will try to achieve success with new mobile games while retaining their staff.
