The mobile gaming landscape has witnessed a significant shift in capital allocation toward seasoned developers with proven track records, a trend punctuated today by the announcement that Cheer Games has successfully raised $4.5 million in a pre-seed funding round. The Barcelona-based studio, established by the primary architects behind the global mobile sensation Hexa Sort, intends to utilize this capital infusion to accelerate the development of its upcoming project pipeline and aggressively expand its operational footprint in Spain. Led by Makers Fund, the investment round saw additional participation from Play Ventures and a distinguished group of angel investors, signaling high institutional confidence in the team’s ability to replicate and exceed their previous commercial successes.
Founded by a leadership quartet with deep roots in the hyper-casual and hybrid-casual gaming sectors, Cheer Games represents a strategic pivot toward sustainable, high-engagement puzzle intellectual property (IP). The founding team comprises Chief Executive Officer Emre Gercel, Chief Product Officer Berkay Ozturk, Chief Technology Officer Ertan Ünver, and Chief Marketing Officer Kutay Koralturk. Prior to establishing Cheer Games, the four executives held senior leadership positions at Lion Studios, the publishing arm of AppLovin, where they were instrumental in the development and launch of Hexa Sort. According to internal data released by the studio, Hexa Sort has generated approximately $50 million in In-App Purchase (IAP) revenue to date, a figure that excludes additional revenue streams such as in-game advertising, placing it among the top-tier performers in the modern puzzle category.
A Strategic Mandate for Durable Puzzle IP
The primary objective of Cheer Games is to challenge the "short-term thinking" that has historically dominated the mobile gaming industry, particularly within the hyper-casual segment where games often have a lifespan of only a few months. Instead, the studio is focusing on what they describe as "durable, scalable puzzle IP." This approach emphasizes long-term player retention and disciplined product execution, aiming to build franchises that can remain relevant and profitable for years rather than weeks.
CEO Emre Gercel highlighted that the studio’s philosophy is built upon a foundation of longevity. By moving away from the "disposable" nature of early mobile gaming hits, Cheer Games seeks to capture the higher Lifetime Value (LTV) associated with dedicated puzzle audiences. The studio’s current workforce of 11 employees is expected to grow as the funding allows for the recruitment of high-level engineering and creative talent. The founders believe that their unique combination of "Turkish hunger"—referring to the rapid-growth mindset of the burgeoning Istanbul gaming scene—and the global reach provided by their new headquarters in Barcelona will provide a competitive edge in an increasingly crowded marketplace.
The Evolution of the Mobile Puzzle Market
The investment comes at a time when the mobile puzzle market is undergoing a fundamental transformation. For years, the sector was dominated by Match-3 giants like King’s Candy Crush Saga and Playrix’s Gardenscapes. However, recent years have seen the emergence of "Sort" and "Merge" mechanics that offer players a more meditative yet mentally stimulating experience. Hexa Sort, the team’s previous success, was a pioneer in this regard, blending tactile 3D graphics with satisfying organizational mechanics.
Industry analysts note that the $4.5 million pre-seed round is unusually large for a studio at this stage, reflecting the premium placed on teams that have already demonstrated an ability to generate tens of millions in revenue. In the current post-IDFA (Identifier for Advertisers) environment, where user acquisition costs have skyrocketed, investors are increasingly looking for studios that can build organic brand loyalty and high-retention gameplay loops. Cheer Games’ focus on "disciplined product execution" suggests a data-driven approach to game design that prioritizes metric-based iteration over speculative development.
Institutional Backing and Investor Sentiment
The involvement of Makers Fund and Play Ventures as lead investors provides Cheer Games with more than just capital; it offers access to a global network of industry expertise. Makers Fund is renowned for its portfolio of high-growth gaming companies, often backing studios that bridge the gap between innovative gameplay and sophisticated monetization. Play Ventures, similarly, has a history of identifying early-stage teams with the potential to disrupt established genres.
The participation of angel investors in this round further underscores the personal reputation of the founding team within the developer community. Having moved from the high-pressure environment of Lion Studios to an independent venture, Gercel and his team are positioned as "operator-founders" who understand the technical nuances of scaling a game from a prototype to a top-grossing chart-topper.
Barcelona as a Global Gaming Hub
The decision to anchor Cheer Games in Barcelona is a calculated move that taps into one of Europe’s most vibrant gaming ecosystems. Over the past decade, Barcelona has transformed into a sanctuary for mobile gaming talent, hosting major studios such as Socialpoint (Take-Two Interactive), King (Activision Blizzard), Ubisoft, and Tilting Point. The city offers a high quality of life that assists in international recruitment, combined with a supportive infrastructure for technology startups.
For Cheer Games, Barcelona serves as the bridge between their Turkish heritage—a country that has become a global powerhouse for mobile game development—and the broader Western market. The founders have explicitly stated that the city provides a "global stage" that allows them to attract diverse talent while maintaining the aggressive development pace typical of the Istanbul tech corridor. This cross-pollination of cultures and work styles is expected to be a hallmark of the studio’s corporate identity.
Chronology of Development and Future Roadmap
The trajectory of Cheer Games can be traced back to the mid-2020s, during the founders’ tenure at Lion Studios. While at Lion, the team identified a gap in the market for puzzle games that offered deeper progression systems than the standard hyper-casual fare. The success of Hexa Sort served as the proof of concept for this "hybrid" approach, which combines the simple entry point of casual games with the sophisticated economy and retention mechanics of mid-core titles.
With the $4.5 million in funding now secured, the studio’s timeline for the next 18 to 24 months is focused on three key pillars:
- Talent Acquisition: Expanding the core team from 11 to approximately 25–30 staff members, focusing specifically on Unity developers, game designers, and data scientists.
- Product Prototyping: Utilizing a rapid iteration cycle to test new puzzle mechanics that align with their "durable IP" philosophy.
- Market Expansion: Scaling their first independent title through aggressive yet disciplined marketing campaigns, leveraging the CMO’s experience in navigating the complex landscape of digital ad networks.
Broader Implications for the Gaming Industry
The emergence of Cheer Games and the substantial backing they have received highlight a broader trend in the venture capital world: the "flight to quality." As the "gold rush" era of hyper-casual gaming cools down due to privacy changes and market saturation, investors are no longer funding every mobile startup. Instead, capital is being concentrated in the hands of "super-teams" who have a history of shipping hits.
Furthermore, the focus on "long-lived puzzle franchises" reflects a maturing industry. Developers are realizing that the cost of acquiring a new user is now so high that a game must be able to retain that user for years to be truly profitable. This shift necessitates higher production values, more complex social features, and a commitment to "live-ops"—the ongoing management of a game after its launch. Cheer Games’ mission statement is a direct response to these market pressures, positioning them as a studio designed for the "post-hyper-casual" era.
Conclusion and Market Outlook
As Cheer Games embarks on its journey from a well-funded startup to a potential market leader, the industry will be watching closely to see if the magic of Hexa Sort can be bottled a second time. The team’s emphasis on discipline, durability, and geographical synergy sets a professional tone for their future operations. In a market where many studios struggle to move past their first hit, the leadership at Cheer Games is betting that their experience at the highest levels of mobile publishing will allow them to build a stable of puzzle titles that define the next generation of mobile entertainment.
With $4.5 million in the bank and a clear strategic vision, the Barcelona studio is well-positioned to navigate the challenges of the modern mobile economy. Their success would not only validate their "durable IP" theory but also further cement Barcelona’s status as a premier destination for the world’s most ambitious game developers. As the studio prepares to unveil its first official titles under the Cheer Games banner, the focus remains squarely on execution, scale, and the relentless pursuit of puzzle innovation.
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