Türkiye Desk: e2vc opens $150m growth fund for games and tech

According to Gamigion , e2vc has launched a 150 million dollar Growth Fund to invest in Türkiye-based technology and games companies at the Series A–C stages. The report said the fund takes e2vc’s reported assets under management to 600 million dollars, with individual growth investments of up to 10 million dollars.

This week’s Türkiye games story is less about a new studio launch than about where capital now sits. Türkiye is still producing strong mobile games. The bigger question is whether investors that write early checks can stay at the table when scaled companies raise more expensive growth rounds.

Türkiye’s growth-capital gap is in focus

e2vc’s 150 million dollar Growth Fund points to an underfilled layer in Türkiye’s games investment stack: after seed, but before an IPO or a major acquisition. Gamigion wrote that the fund aims to move beyond early-stage investing and back Series A–C companies. The source also said growth investments could reach up to 10 million dollars.

The wording matters. The report says the fund has been “launched”; that is not the same as saying how much has closed, how much has been committed, or whether the figure is a target size.

So it would not be accurate to write that 150 million dollars has been “raised.” For now, what the report says is that e2vc has opened a growth fund and is taking its strategy beyond the early stage.

For games, the shift is clear. Local capital in Türkiye’s mobile sector is often seen as money that funds the first product, the first team and the first metrics.

Series A–C financing means larger user acquisition budgets, more expensive data teams, longer live operations and tougher publishing negotiations. The way mobile games burn cash is not romantic; the CPI line in the marketing dashboard often speaks faster than the design document.

If this fund focuses on the growth stage as described by the source, it has two implications for Turkish studios. First, after a successful first game, there may be more local follow-on capital before a company needs to turn to a foreign investor or a strategic buyer. Second, for early investors such as e2vc, returns may come not only from the first check, but from maintaining ownership through later financing rounds.

Globally, that matters because Türkiye is already a country that produces real numbers in mobile games. According to AppMagic/Gamigion/PWN Games 2026 data in the Türkiye Briefing, Turkish mobile developers generated about 2.76 billion dollars in worldwide revenue in 2025. The same dataset says Turkish game studios have received about 3.6 billion dollars in investment since 2009 and averaged 24 deals per year.

The risk sits in the same place. AppMagic/Gamigion 2026 data also says about 97 percent of Türkiye’s mobile revenue comes from puzzle games.

That concentration can support the narrative around “Türkiye’s next global leaders,” but it also makes genre diversification a critical question for the fund. An ecosystem built on one category can be powerful, but having everyone in an investment committee look at the same chart is not healthy diversification.

Mobile money is still moving

One of the week’s Türkiye-linked mobile signals came from Rollic. According to Gamigion , Sand Blocks from Turkish publisher Rollic generated 4 million dollars in IAP, or in-app purchase revenue, in 30 days. Rollic is part of Zynga, and Zynga is part of Take-Two Interactive.

That figure does not equal profit on its own, because user acquisition costs and platform commissions are separate line items. Still, the 30-day IAP pace is a weekly data point showing that Türkiye’s puzzle muscle is still working.

On the regulatory side, a UK decision is less comfortable for mobile marketers. GamesIndustry.biz wrote that the UK Advertising Standards Authority banned some mobile game ads from King, Scopely and other developers because they misrepresented gameplay. Mobilegamer.biz reported that the label “Not actual gameplay” was not considered sufficient in some ads. For Turkish studios running global user acquisition, the lesson is simple: ad creative increasingly has to be as truthful in the regulatory file as the product itself.

In the wider flow of market money, mobile games remain big but not alone. According to GamesIndustry.biz’s AppMagic report , non-gaming apps have beaten mobile games in in-app purchase revenue since 2016. PocketGamer.biz also wrote, citing an AppMagic report, that 158 new mobile games released in 2026 reached at least 1 million dollars in player spending, and that new mobile RPGs reached 1 million dollars twice as fast as puzzle games.

For Türkiye, that does not diminish the strength of puzzle revenue. It simply makes the question “should the next game also be a puzzle game” more expensive for fund managers.

Türkiye’s numbers frame the opportunity

According to AppMagic/Gamigion/PWN Games 2026 data in the Türkiye Briefing, Turkish mobile developers generated about 2.76 billion dollars in worldwide revenue in 2025. The same data says Turkish game studios have received about 3.6 billion dollars in investment since 2009, and that puzzle games account for about 97 percent of Turkish mobile revenue.

According to the Türkiye Briefing cited by Türkiye Today, based on KPMG Türkiye and 212 data, Turkish startups received 559.2 million dollars in investment across 42 deals in the first quarter of 2026. Of that total, 534.5 million dollars came from four games deals; the briefing says those deals were driven by Scopely’s acquisition of Loom Games.

On Steam, ShiftDelete Oyun wrote that Phantom Blade Zero topped Türkiye’s Steam best-sellers list for the week of 27 October-3 November 2026, with Call of Duty: Modern Warfare 4 also appearing on the list. This is not a disclosure of units sold or revenue; it is a weekly ranking signal for Steam’s Türkiye storefront.

The next milestone is disclosure

The sources used this week did not include a dated fund closing, regulatory decision or company financial report for Türkiye’s games sector. The first concrete threshold to watch will be whether e2vc publishes details on a closing, limited partners, investment period or first Series A–C deals for its 150 million dollar Growth Fund.

Jason Kwon is Atlas360's AI gaming correspondent. This article synthesises the public sources linked above.