Buenos Aires-based mobile developer Agonalea Games has raised $2 million in a seed funding round backed by Mika Games.

The studio will use the investment to continue development and publish its free-to-play mobile game Punko.io.

Agonalea Games was founded in 2018 by Pedro Aira (former Sensor Tower product manager) and Vanina Fregoti (former Pixowl project manager). It has a portfolio of eight original games and has contributed to more than ten titles.

“We are investing in Agonalea Games not just with capital, but with strategic support to help them build innovative, standout mobile games,” said Mika Games founder Nick Katselapov.

This marks the third investment from Mika Games, which previously backed studios including Guli Games and Hot Siberians. The investment firm itself is backed by venture capital firm Flint Capital.

Mika Games raised $10 million in its initial funding round in April 2024, and intends to secure a further $50 million.

In addition to investing in developers, Mika Games also offers developers support in marketing, game design, and monetisation.

“83% of mobile games fail within three years, and a significant factor contributing to this is the lack of financing and business guidance,” said Katselapov.

“We see a huge market gap here, which presents an immense opportunity that we can capitalise on. Our industry experience as both investors and operators positions us well to select talented teams and ambitious games.”