ISTANBUL
Türkiye’s gaming startup ecosystem has risen to prominence on the global stage, driven by a blend of high-profile exits, substantial investments and innovative entrepreneurs.
The industry’s evolution from its humble beginnings underscores its remarkable trajectory to a thriving ecosystem.
The roots of Türkiye’s gaming industry date back to the early 2000s, when early digital games like Backgammon emerged on platforms.
Before 2010, Türkiye’s gaming ecosystem was built on bootstrapped ventures, lacking venture capital (VC) firms, angel networks, or institutional investment support, apart from a single Fund of Funds (iVCi).
This changed with the arrival of external investments in 2009 and 2010, catalyzing the growth of startups like Peak Games (later acquired by Zynga), Markafoni (later acquired by Naspers) and Trendyol (later acquired by Alibaba).
These successes laid the foundation for a robust VC-backed startup ecosystem.
Mobile gaming has become the dominant platform in Türkiye, with 44 million players in 2023.
Dream Games, a standout in the sector, secured the largest share of investments in 2021 and 2022.
Burak Yılmaz, CEO of the Istanbul-based gaming company Weplay Ventures, told Anadolu Agency that Türkiye ranks among the top countries in the world in regard to mobile gaming.
Turkish companies are making the most money after American and Israeli companies on mobile gaming, Yılmaz said.
“Especially in the last ten years, the mobile game ecosystem developed super-fast. Right now, we have more than 500 game companies in Türkiye,” said Barış Özistek, chairman of Istanbul-based gaming company Joygame.
In contrast to the mobile gaming sector, console and PC gaming have experienced declines, with player numbers falling to 11 million and 20 million, respectively.
Peak Games’ $1.8 billion acquisition by Zynga in 2020 marked a turning point for Türkiye’s gaming industry as the country’s first unicorn.
Yılmaz said 20 gaming companies were born from Peak Games following the company’s exit in 2020, adding that the evolution of this realm as a “stable” industry is a “process that might take some time.”
Özistek echoed these sentiments, noting the industry’s evolution since Joygame’s acquisition by South Korean giant Netmarble in 2013.
“That was the first time a game company exited Türkiye. And that was the first time a global, multinational game company invested in that region, not only Türkiye, but also in Eastern Europe and Middle East region.”
Today, Istanbul is a locomotive behind this rapid growth as Europe’s second-largest gaming hub in terms of studio density, second only to London. This growth is supported by 13 game-focused venture funds and accelerators that provide early-stage funding and strategic guidance, empowering local talent to scale their ventures efficiently.
Yilmaz noted that the Turkish gaming market, roughly $1.5 billion in size, is on its way to exceed $2 billion in the next two years.
“Türkiye will keep growing,” Ozistek stated.
According to him, the country commands a growing share in the global market, estimated to total $205-210 billion in 2024, thanks to its “very successful companies and they are growing significantly every year.”
