Agave Games Secures $18M to Scale Hit ‘Find the Cat’
Agave Games, the Turkish startup behind the viral mobile hit Find the Cat, has closed an $18 million Series A funding round. The fresh capital arrives as the company aims to expand its development team and accelerate its production pipeline, with plans to launch at least two new titles over the coming year.
The latest investment pushes Agave’s total funding to $25.5 million, bringing its post-money valuation to approximately $100 million. The round was co-led by Felix Capital and Balderton Capital, with participation from e2vc. All three firms had previously backed the startup, including Balderton’s lead role in the company’s seed round.
Rapid Growth and Market Impact
Find the Cat, which challenges players to locate hidden felines in increasingly complex illustrations, has seen explosive growth since its August release. The title surpassed 10 million downloads within its first quarter. According to SensorTower estimates, the game has already generated $10 million in revenue on Android alone, utilizing a hybrid model of in-app purchases and advertising via AppLovin.
Rob Moffat, the Balderton partner who spearheaded the investment, highlighted the studio’s potential to reach $100 million in annual revenue. “They’re building this really strong team working on a bunch of interesting concepts, finding these interesting mechanics for games and making them into a really polished, fun experience,” Moffat noted.
Strategic Use of AI in Development
Agave is integrating artificial intelligence into its creative process to streamline production. CEO Alper Oner explained that while the company previously required five or six artists to design a single level, they now use AI to generate base imagery, which is then refined by human designers.
However, Oner clarified that the company does not currently use AI for coding, noting that human developers remain more effective in that area. The startup’s success stands in stark contrast to the traditional industry narrative of trial and error; for instance, Rovio famously developed 51 games before achieving success with Angry Birds. Agave, by comparison, found its stride with its second major release, following the 2023 launch of Wonder Link.
Roots in the Turkish Gaming Ecosystem
Agave joins a growing roster of successful gaming firms emerging from Turkey, a trend catalyzed by Peak Games’ $1.8 billion acquisition by Zynga in 2020. Other notable entities from this ecosystem include Dream Games, Tripledot, and Spyke.
For Oner, the journey began after he moved to the U.S. to study at UC Berkeley. Following the onset of the COVID-19 pandemic, he returned to Turkey and reunited with high school friends Ali Baran Terzioglu, Burak Kar, and Oguzhan Merdivenli to establish the studio. “I knew I wanted to be in the tech business,” Oner said. Their shared background in technology and passion for gaming eventually led them to focus on the casual mobile market.