Encouraged by the capital inflows in the recent years, Turkiye’s focus now shifts to investment deals that the gaming startup ecosystem is expected to achieve in 2023, further boosting the industry featuring multiple success stories
Turkiye has evolved into a hub of innovation, spearheaded by its gaming startup ecosystem,which has been attracting substantial investments and fostering the growth of talented developers.
The ecosystem is brimming with further potential and opportunity. The influx of investments coupled with a vibrant community of talented developers and designers sets the stage for continued growth and innovation.
The trend has been encouraged by the fact that two of its companies, Peak and Dream Games, turned into unicorns by surpassing a valuation of $1 billion in the past five years, spurring other initiatives to try to follow in their footsteps.
Again, there have been five successful exit agreements worth over $100 million in the last five years. The focus is now on the investment deals that mobile game startups will achieve in 2023 to further lift these figures.
Some 687 out of 822 gaming ventures that have been set up to date have managed to survive, while the number of investors has also increased.
Turkiye’s gaming startup ecosystem features multiple programs that can help foster expansion and growth, including 16 different accelerator programs and 10 incubation centers, according to industry monitor startups. watch data.
Moreover, one of Turkiye’s leading communications and technology companies, Türk Telekom has been playing a pioneering role in the game-oriented corporate investment drive through its venture capital arm, TT Ventures. Add to this the impact of private lender Işbank’s accelerator program Workup Games.
When it comes to the number of game development studios, Istanbul has been ranked second in Europe. Mobile game startups witnessed significant growth during the COVID-19 pandemic as people confined to their homes sought entertainment and social interaction. However, the ecosystem now has to navigate a challenging landscape as the world has been returning to normalcy, with fewer download numbers as people are spending less time looking at screens.
Investors seem to be satisfied with the potential of gaming startups in Turkiye. However, they are not pleased with regulations that have been introduced, such as the emission premium.
Many startups have been affected and faced difficulties due to investment agreements that extended until January 2022, causing problems during their initial stages. The Treasury and Finance Ministry is said to be working to ensure that technology startups are not negatively affected.