What Top App Games does

Top App Games (TOP APP GAMES LTD) is a Cyprus-headquartered mobile game developer founded in 2022 by a team of veterans from the European publisher My.Games. The studio specializes in mid-core mobile strategy games, with its flagship product Ludus: Merge Arena — a free-to-play merge battler RPG that fuses unit collection and deck-building mechanics with real-time PvP combat, clan systems, and tower-defense elements. The title reached 8 million+ installs worldwide by December 2025 and is positioned as the company's anchor IP and template for international scaling.

Operationally, the company runs with a distributed team of 71 professionals across five time zones in four countries, with corporate headquarters in Nicosia, Cyprus. The technology stack centers on the Unity engine, with distribution through Apple App Store, Google Play, and — since October 2025 — the Aptoide marketplace. The business model is freemium: monetization is driven by in-app purchases of virtual goods, upgrades, and premium content, supplemented by advertising through rewarded traffic channels that account for 25% of total user acquisition spend. The end customer base consists of global mobile gamers seeking competitive PvP and mid-core strategy experiences, segmented horizontally across casual and competitive personas.

By March 2025 the company reported approximately $3 million in monthly revenue, up 74.6% year-over-year, with a 41% increase in average DAU and a 15% increase in 30-day ARPPU. To support continued growth, Top App Games closed a $10 million funding round in December 2024 earmarked for global updates to Ludus: Merge Arena and the development of two additional titles, and has begun a Southeast Asia push anchored by a Vietnam launch in 2025. Strategic crossovers with Warcrow by Corvus Belli and MMA fighter Alexander Volkov have been deployed as brand and content extensions.

Name

Top App Games

Legal name

TOP APP GAMES LTD

Website

https://topapp.games

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

101–250 employees

Short description

Top App Games is a Cyprus-based mobile game developer specializing in mid-core strategy titles, known for its flagship free-to-play game Ludus: Merge Arena — a merge battler RPG with PvP combat, 8 million+ installs, and approximately $3 million in monthly revenue as of March 2025.

Ownership category

akta.pro rank

Headquarters

HQ city

Nicosia

HQ country

Cyprus

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Marketing or Sales, Technology or R&D, Operations

Revenue model

1. In-app purchases and freemium monetization: Mobile game monetization through freemium model with in-app purchases. The game generates revenue through player spending on virtual goods, upgrades, and premium content within the free-to-play framework.
2. Rewarded traffic channels: Rewarded traffic channels account for 25% of total user acquisition spend, indicating advertising and traffic monetization component to the business model.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Top App Games develops and publishes free-to-play mobile games, with its flagship title Ludus: Merge Arena being a merge battler RPG where players collect units, build defensive decks, and engage in real-time PvP battles with clan and army mechanics. The studio monetizes through in-app purchases for virtual goods and premium content, supplemented by rewarded advertising, and is currently developing two additional unannounced projects.

Product overview

Top App Games is a mobile game developer offering a portfolio centered on Ludus: Merge Arena, a merge battler RPG with PvP elements, clans, magic, and army mechanics. The company previously developed Broyalty (a mid-core strategy game now in maintenance mode) and is currently developing two new projects. The primary product generates revenue through in-app purchases and advertising, with the company scaling user acquisition efforts and expanding into new markets including Southeast Asia.

Differentiator

Problem solved

Functional benefit

Brands

• Ludus: Merge Arena: Mobile merge battler game combining merge mechanics with battler elements, featuring PvP gameplay, clan systems, and card collection mechanics.

Products and services

• Ludus: Merge Arena A mobile free-to-play merge battler RPG featuring PvP combat, clan systems, and strategic deck building. Players collect units, merge them for power-ups, build defensive decks with heroes, and engage in real-time battles against other players globally. Combines merge mechanics with battler elements featuring repetitive gameplay and extensive card collection mechanics. Targeted at mobile gamers seeking competitive PvP experiences.

Quantifiable outcome

• 74.6% year-over-year revenue increase
• +4 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered minor and core.

• Corvus Belli (Warcrow)minorStrategic or Co-development Partner · 17 December 2025Ludus: Merge Arena featured a crossover event with Warcrow by Corvus Belli, contributing to the game's success. This collaboration brought exclusive in-game content and cross-promotional opportunities.
• Alexander Volkov (MMA Fighter)minorGTM or Marketing Partner · 17 October 2025Top App Games announced a collaboration featuring MMA fighter Alexander 'Drago' Volkov in Ludus: Merge Arena, launching October 22. The campaign coincided with Volkov's UFC 321 fight in Abu Dhabi, including a related social media challenge to drive engagement.
• AptoidecoreChannel Partner/ Reseller/ Distributor · 14 October 2025Top App Games Ltd partnered with Aptoide to expand Ludus: Merge Arena globally. The launch includes exclusive bonuses and events for Aptoide players, aiming for sustainable global success. This partnership provides additional distribution channel beyond major app stores.

Scale indicators8 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Playrix: Top-grossing mobile game developer (Homescapes, Gardenscapes) with comparable mid-core strategy/puzzle portfolio and freemium + heavy UA monetization model.
• Moon Active: Mobile developer behind Coin Master, operating at scale in mid-core casual with heavy rewarded/paid UA — directly comparable GTM motion to Top App Games.
• FunPlus: Mobile strategy game developer (King of Avalon, State of Survival) competing in the same mid-core strategy category with similar live-ops depth.
• Socialpoint: Mid-size mobile game developer (Dragon City, Monster Legends) with comparable mid-core live-ops and freemium monetization model.

Broad incumbents

• MY.Games: Major mobile and PC game publisher (War Robots, Hustle Castle, Rush Royale) where Top App Games' founders previously built the business to ~$500M annual turnover. Directly comparable in mid-core mobile strategy live-ops.
• Scopely: Mobile game publisher (Monopoly GO, Stumble Guys) with large-scale live-ops and acquisition machine; relevant comparable for mid-core live-ops execution and UA efficiency.
• Zinga: Large mobile game publisher (CSR Racing, Empires & Puzzles) with established free-to-play mid-core strategy portfolio and global UA capabilities.

Emerging players

• Ilyon Dynamics: Independent mobile game studio (Bubble Shooter, etc.) at comparable team scale, competing in the mobile casual/mid-core marketplace.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/topappgamez

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Top App Games