What NEXTERS GLOBAL does

Nexters Global is an international game development company that develops and publishes free-to-play mobile and desktop games targeting casual and mid-core players. The company is a wholly-owned operating subsidiary of GDEV Inc. (Nasdaq: GDEV), following a 2023 corporate restructuring in which Nexters Inc. rebranded into a holding company structure. Nexters Global operates alongside acquired studios Cubic Games, RJ Games, Royal Ark, and Dragon Machines.

The company's core product portfolio is anchored by Hero Wars, a multiplayer fantasy RPG launched in 2016 that has reached over 200 million installs, 7M+ monthly active users, and over $2 billion in cumulative bookings across mobile, PC web, and browser. Additional titles include the casual franchise Island Hoppers (global release October 2023, $30M+ in soft-launch bookings), Chibi Island, Throne Rush, and Island Experiment, plus acquired franchises Pixel Gun 3D (180M+ downloads), Puzzle Breakers, Dawn of Zombies, and Shelter Wars. Games are built primarily on the Unity engine and distributed through Apple App Store, Google Play, Huawei AppGallery, and proprietary web portals.

The business model is freemium with three revenue streams: in-app purchases for virtual items (the primary driver), advertising (4.7% of bookings in Q1 2022), and platform/marketplace commissions through app store and web distribution. Go-to-market is product-led growth, with multi-channel marketing including social media (4M+ combined subscribers), YouTube content, webtoon comics, and community events. Disclosed 2022 revenue was $480 million (an 11% year-over-year increase), with the user base concentrated in Hero Wars targeting men 30+ seeking long-lifecycle multiplayer RPG experiences.

Name

NEXTERS GLOBAL

Legal name

NEXTERS GLOBAL LIMITED

Website

https://nexters.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Nexters Global is an international mobile and desktop game developer and publisher behind the Hero Wars multiplayer fantasy RPG franchise (200M+ installs, $2B+ cumulative bookings), serving casual and mid-core gamers globally as the primary operating subsidiary of Nasdaq-listed GDEV Inc.

Ownership category

akta.pro rank

Product category

Mobile and Desktop Game Development

NAICS

Software Publishers (513210)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Blockchain Game Studios & Game Development (FSAPAGAC)

akta.pro secondary industries

Web3 Game Publishing & Distribution Platforms (FSAPAGAA), Player Wallets, Identity & Accounts for Games (embedded wallets, SSO, DID) (FSAPAGAF)

Keywords

• Mobile game development
• Casual gaming apps
• Multiplayer fantasy RPG
• In-app purchases
• Unity game engine

Headquarters

HQ city

Limassol

HQ country

Cyprus

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. In-app purchases: Games are free to download with optional in-app purchases for virtual items and intra-project values. Primary revenue driver for mid-core and casual games.
2. Advertising: Advertisement sales contribute to revenue. In Q1 2022, ad sales represented 4.7% of total bookings compared to 3.5% in the same period of 2021.
3. Platform distribution: Revenue from distributing games through app stores (App Store, Google Play, Huawei AppGallery) and web platforms. Platform commissions apply.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

NEXTERS GLOBAL develops and publishes free-to-play mobile and desktop games for casual players, with a portfolio headlined by the multiplayer fantasy RPG Hero Wars. Its titles are distributed globally through major app stores and web platforms and monetized via optional in-app purchases, in-game advertising, and platform-led commerce, including the Cross ($CROSS) digital asset token.

Product overview

NEXTERS GLOBAL is an international game development company that develops and publishes mobile and desktop games. The product portfolio includes flagship title Hero Wars (Multiplayer Fantasy RPG with 200M+ installs), casual adventure games Island Hoppers and Chibi Island, strategy game Throne Rush, and legacy title Island Experiment. The company also acquired additional game franchises through M&A including Pixel Gun 3D, Puzzle Breakers, Dawn of Zombies, and Shelter Wars. In 2023, the company evolved into GDEV Inc. as a holding company encompassing multiple studios and franchises.

Differentiator

Problem solved

Functional benefit

Brands

• Hero Wars: Multiplayer fantasy RPG blockbuster game, flagship title of Nexters with over $1.5 billion in cumulative bookings across all platforms
• Island Hoppers
• Island Experiment
• Throne Rush
• Chibi Island

Products and services

• Hero Wars Flagship multiplayer fantasy RPG for mobile and PC/web players, featuring team-based hero progression, alliances, and PvE/PvP combat for casual and mid-core gamers.
• Island Hoppers Mystery and drama adventure game featuring protagonist Emily who travels to a tropical island to find her lost brother, with minigames, puzzles, expeditions, farm management, and story-driven gameplay for casual players.
• Throne Rush Epic strategy game allowing players to build kingdoms, destroy enemies, and capture wealth; features tower building, mercenaries, heroes, and alliances. Originally released in 2013 on social networks; now also available on web.
• Chibi Island Casual farm and adventure game featuring exploration, hidden treasures, farm building, and a mystery surrounding a pyramid, with Match 3 mechanics and themed islands for casual mobile players.
• Island Experiment Nexters' first casual game where players help scientists survive on an island, build farms, and explore mysterious locations.
• Pixel Gun 3D Pixel-style first-person shooter mobile franchise with over 180 million downloads, acquired through Cubic Games as part of the $100M mid-core acquisition program.
• Puzzle Breakers Puzzle RPG with high-quality art and engaging core gameplay, acquired through RJ Games.
• Dawn of Zombies Survival RPG mobile title with a zombie setting, acquired through Royal Ark/Game Gears.
• Shelter Wars Survival RPG mobile title contributing expertise in new genres and niches, acquired through Royal Ark/Game Gears.
• Nexters Boost (Independent Developer Program) Independent game developer support program offered by Nexters to engage third-party game studios, including funding, publishing, and operational support.

Quantifiable outcome

• 220 million+ installs worldwide
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered flagship, major, core and minor.

• Ion (AEON)flagshipStrategic or Co-development Partner · 25 June 2026Partnership with AEON, a digital asset payment framework specialized for the AI agent economy with over 2 million users. Collaboration expands Cross ($CROSS) token utility beyond gaming into AI-native commerce and autonomous payments. Cross users gain access to over 50 million merchants worldwide via AEON Pay QR payment system.
• Royal Ark / Game GearsmajorStrategic or Co-development Partner · 27 January 2022Acquired studio developing survival RPG titles Dawn of Zombies and Shelter Wars. Part of $100 million acquisition deal.
• RJ GamesmajorStrategic or Co-development Partner · 27 January 2022Acquired studio with Puzzle Breakers game. Part of $100 million acquisition deal to expand into puzzle RPG genre.
• Huawei AppGallerycoreChannel Partner/ Reseller/ Distributor · 24 December 2021Hero Wars launched on Huawei's rapidly growing AppGallery platform. Platform has 560M+ MAU globally with 42M+ users in Europe.
• City Friends ClubminorStrategic or Co-development PartnerEnvironmental partnership promoting regular cleaning of Cyprus island and eco-educational programs. Company runs volunteer projects and implements educational programs.
• Cubic GamescoreStrategic or Co-development PartnerAcquired studio, part of GDEV holding company. Pixel Gun 3D is world's No. 3 mobile first-person shooter with 180M+ downloads.
• Dragon MachinescoreStrategic or Co-development PartnerPart of GDEV holding company alongside Nexters and Cubic Games.

Scale indicators6 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• NetMarble: NetMarble is a Korean mobile RPG publisher (Marvel Future Fight, Lineage 2 Revolution) competing in the same mid-core RPG and live-ops category as Nexters, with M&A capacity through its Kabam ownership that parallels GDEV's consolidation strategy.
• Playrix: Playrix is the most direct peer — a Russian-origin mobile casual/mid-core publisher (Homescapes, Gardenscapes, Township) with similar freemium model, genre mix, and historically Russian-Cyprus corporate footprint. Igor Bukhman of Playrix is already a Nexters director, reflecting the closely aligned competitive set.
• FunPlus: FunPlus is a Chinese-founded, Cyprus-headquartered mobile games publisher (King of Avalon, State of Survival) operating in the same fantasy/RPG live-ops genre as Hero Wars, with similar European geographic posture.
• Jam City: Jam City develops and publishes mobile casual/RPG games (Cookie Jam, Harry Potter: Hogwarts Mystery) with a similar mid-core freemium model and multi-IP portfolio approach, making it a comparable mid-sized independent.
• King (Activision Blizzard): King is a direct peer in mobile mid-core social/casual games (Candy Crush franchise) targeting the same casual-to-mid-core player segment with long-lifecycle, monetization-led titles — directly comparable to Hero Wars' 2+ year retention play.
• miHoYo / HoYoverse: HoYoverse (Genshin Impact, Honkai) is a direct peer in the mobile fantasy RPG genre with comparable live-ops monetization, mid-core-to-casual targeting, and multi-platform (mobile + web) distribution that mirrors Hero Wars' reach.
• Scopely: Scopely (now Savvy Games/Disney-aligned) operates mobile mid-core franchises like Marvel Strike Force and Stumble Guys, competing with Nexters for the same RPG/live-ops-driven install base and ad budgets.
• DeNA (Mobage): DeNA is a Japanese mobile gaming publisher (Animal Crossing: Pocket Camp, Super Mario Run co-published) with similar cross-platform mobile/web distribution and long-lifecycle franchise monetization strategies.
• Kabam (NetMarble): Kabam is a direct mobile RPG peer (Marvel Contest of Champions, Disney Mirrorverse) targeting the same fantasy/superhero RPG audience with comparable long-tail live-ops monetization.

Broad incumbents

• Zynga (Take-Two Interactive): Zynga is a broad incumbent in mobile social/RPG gaming (Empires & Puzzles, Game of Thrones: Conquest) — substantially larger and more diversified but overlapping in fantasy RPG mid-core where Hero Wars competes directly.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/HeroWarsApp
• YouTubeyoutube.com/@HeroWarsDominionEra
• Facebookfacebook.com/nexters
• Instagraminstagram.com/herowarsapp
• LinkedInlinkedin.com/company/nexters

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds

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 NEXTERS GLOBAL