Trailmix

What Trailmix does

Trailmix is a London-headquartered mobile game developer founded in December 2017 by Carolin Krenzer (Caro) and Tristan Clark, former King's London studio veterans who created Farm Heroes Saga. The company develops free-to-play mobile games targeting players who seek narrative depth in casual formats, describing its products as 'snackable yet nourishing.' Its flagship and currently only commercially launched title is Love & Pies, a free-to-play merge puzzle game with character-driven storytelling, launched in September 2021 on iOS and Android.

The studio operates on the Unity/C# mobile game engine and distributes exclusively through the Apple App Store and Google Play. Revenue is generated through two streams: in-game purchases of virtual currency and cosmetic virtual goods (freemium model), and in-game advertising where players can opt to watch ads in exchange for virtual currency. The company maintains integrations with Apple and Google for payment processing and with Facebook for optional social login. A second studio, Trailmix Berlin, opened in October 2023 under Wooga veterans Annelie Biernat and Christopher Parschat, focused on developing new game projects beyond Love & Pies.

Trailmix became majority-owned by Supercell in May 2022 following a $60 million financing commitment, while retaining operational autonomy. The company has accumulated approximately $64.2 million in total funding, with Supercell as the sole institutional investor across both the 2018 seed round and the 2022 majority acquisition. Recognition includes TIGA Best Puzzle Game (2023), Google's Choice at Green Game Jam (2023), GamesIndustry.Biz Best Places to Work (2023), and selection for Tech Nation Future Fifty (2024). Revenue figures are not publicly disclosed.

Name

Trailmix

Legal name

Trailmix Ltd.

Website

https://trailmixgames.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

Trailmix is a London-based mobile game studio developing free-to-play casual games, anchored by its Love & Pies merge puzzle title. Founded in 2017 by King's Farm Heroes Saga veterans, the company is majority-owned by Supercell and operates studios in London and Berlin.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. In-Game Purchases (Virtual Goods and Virtual Currency): Free-to-play model with in-game virtual goods, cosmetics, and virtual currency available for purchase. Players can also earn virtual currency through gameplay or purchase with real money. Virtual Goods include cosmetic and in-game enhancements.
2. In-Game Advertising: In-game advertisements as part of the free-to-play experience, with players able to watch ads to earn virtual currency or other benefits.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Trailmix is a mobile game studio that develops and publishes free-to-play mobile games for iOS and Android. Its flagship product is Love & Pies, a merge puzzle game that combines merge gameplay mechanics with narrative-driven storytelling, character progression, seasonal events, and in-game virtual goods and currency systems.

Product overview

Trailmix is a mobile game developer operating two studios (London and Berlin) that creates free-to-play mobile games. The company's core product is Love & Pies, a merge game launched in September 2021 that combines merge gameplay mechanics with storytelling and character-driven content. The London studio (headquartered at Tileyard near King's Cross) develops and operates Love & Pies, while the Berlin studio (opened October 2023) focuses on new game development. The company was founded in December 2017 and is majority-owned by Supercell following a $60 million investment in May 2022.

Differentiator

Problem solved

Functional benefit

Products and services

• Love & Pies A free-to-play mobile merge puzzle game combining merge gameplay mechanics with storytelling, narrative-driven seasons, character progression, in-game events, and virtual goods/currency systems. Available globally on iOS and Android for individual mobile gamers seeking meaningful casual gaming experiences.

Quantifiable outcome

• Millions of players worldwide playing Love & Pies since September 2021 launch

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Apple (App Store)coreChannel Partner/ Reseller/ Distributor · 1 September 2021Primary distribution partner for iOS version of Love & Pies. Handles payment processing for in-app purchases.
• Google (Google Play)coreChannel Partner/ Reseller/ Distributor · 1 September 2021Primary distribution partner for Android version of Love & Pies. Handles payment processing for in-app purchases.

Scale indicators5 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Supercell: Supercell (Clash of Clans, Hay Day) is Trailmix's majority owner and a comparable free-to-play mobile game publisher operating with small, autonomous teams. The relationship and shared operating model make it a natural peer, although Supercell is structurally much larger.
• Zynga: Zynga is a major free-to-play mobile and social games publisher (Words With Friends, CSR Racing, Empires & Puzzles). Although its portfolio is broader and includes sports/casino, it is comparable as a publicly traded free-to-play mobile gaming incumbent and a relevant M&A benchmark.
• Rovio Entertainment: Rovio, the maker of Angry Birds and a portfolio of free-to-play mobile games, is comparable as a mid-sized European mobile game studio (Finnish) with a similar operating profile — useful comparable for regional M&A and listing precedents.
• King (Activision Blizzard): King, the maker of Candy Crush Saga and Farm Heroes Saga (the latter created by Trailmix's founders), is the dominant free-to-play puzzle incumbent and an obvious comparable given the founders' heritage and shared target demographic.

Direct peers

• Wooga: Wooga (subsidiary of Playtika) is a Berlin-based free-to-play casual story-driven mobile game studio (June's Journey, Pearl's Peril). It is a direct peer in geography, genre, and narrative-led casual gaming — and notably the former employer of Trailmix Berlin's two studio leads.
• Peak Games (Zynga): Peak Games (Toon Blast, Toy Blast) is a casual puzzle and merge mobile game studio acquired by Zynga. It is one of the most direct competitors in the merge/match genre that Trailmix competes in.
• Outfit7: Outfit7 (Talking Tom Gold Run, My Talking Tom) is a free-to-play casual mobile game developer owned by Chinese conglomerate Zhejiang Jinke Peroxide. It is a comparable mid-sized free-to-play casual game studio with strong global distribution.
• Scopely: Scopely (Monopoly GO, Stumble Guys, Marvel Strike Force) is a venture/free-to-play mobile games company that shares similar mechanics-heavy, story-rich game design and a similar growth-stage scale — relevant comparable for valuation and operating benchmarks.
• Playrix: Playrix is one of the largest free-to-play mobile puzzle/match-3/merge game studios (Gardenscapes, Homescapes, Fishdom). It directly competes with Trailmix in the merge and casual puzzle genre and serves a similar mass-market, story-driven free-to-play audience.

Emerging players

• Magic Tavern: Magic Tavern (Merge Mansion, Project Makeover) is a fast-growing merge/puzzle free-to-play mobile game studio. It is a relevant emerging peer that has scaled quickly in the merge genre and competes for similar UA inventory and players.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/trailmixltd
• Facebookfacebook.com/TrailmixLtd
• LinkedInlinkedin.com/company/trailmixltd
• Instagraminstagram.com/trailmixgames

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

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 Trailmix