Two Desperados

What Two Desperados does

Two Desperados is a Belgrade-headquartered mobile gaming studio that develops and operates casual free-to-play games for global distribution. The studio's portfolio consists of three core titles — Marble Woka Woka: Jungle Blast and Marble Shooter: Viola's Quest (marble shooter genre), and Nonogram Crossing (logic puzzle/nonogram genre) — with a fourth unannounced title scheduled for 2026. The company reports 30 million cumulative downloads across its catalog and self-positions as the largest independent mobile gaming studio in Southeastern Europe. The studio employs 55+ people, of which 48 are product-focused and 15 are international, and operates a 4-day workweek with structured benefits as a recruiting and retention lever.

The business is built on a freemium model with two revenue streams: in-app purchases of virtual currencies processed natively through Google Play, Apple App Store, Windows, Amazon, and Facebook, and in-game advertising served via a broad network of mediation partners (AdColony, AdMob, AppLovin, Unity Ads, ironSource, Vungle, Chartboost, Pangle, Facebook Audience Network). Distribution reaches all major mobile storefronts plus Facebook Gaming, with the company's own marketing materials stating it consistently outperforms typical casual gaming studios in user engagement, attributed to advanced liveops capabilities and meaningful progression systems. The technical stack is anchored by analytics platforms (Google Analytics, Amplitude, Firebase, Unity Analytics) and attribution tooling (AppsFlyer, Branch, Appsumer).

The company is privately held, was built over approximately a decade entirely through organic growth, and in June 2026 secured its first disclosed institutional capital — a $20 million funding partnership from PvX Partners earmarked specifically for user acquisition and global expansion. The legal entity, Two Desperados Ltd., is incorporated in Cyprus (Limassol), while operational headquarters and the development team remain in Belgrade, Serbia. The studio is led by co-founder Marija Ilic and founder and CEO Vojislav Milutinović.

Name

Two Desperados

Legal name

Two Desperados Ltd.

Website

https://twodesperados.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

51–100 employees

Short description

Two Desperados is a Belgrade-based independent mobile gaming studio that develops and operates free-to-play casual games, including marble shooters (Woka Woka, Viola's Quest) and nonograms (NoNo Crossing), serving global consumers via freemium IAP and advertising across major app stores.

Ownership category

akta.pro rank

Product category

Casual Mobile Gaming

NAICS

Software Publishers (513210)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Mobile & F2P Game Studios (MPAFAAAB)

akta.pro secondary industry

Casual/Hypercasual Game Studios (MPAFAAAG)

Keywords

• Mobile game development
• Casual puzzle games
• Marble shooter games
• Free-to-play gaming
• Mobile game publishing

Headquarters

HQ city

Belgrade

Offices2 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: Free-to-play mobile games with optional in-app purchases of virtual currencies used for various features within the game. Payments processed through Google Play Store, App Store, Windows, Amazon, and Facebook.
2. Advertising Revenue: Third-party advertising displayed within free-to-play games. The company uses ad identifiers and collected user information to serve targeted, interest-based advertisements. Partners include AdColony, AdMob, AppLovin, Unity Ads, ironSource, Vungle, Chartboost, and others.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Two Desperados is a Belgrade-based mobile game studio that designs, develops, and publishes free-to-play casual games across iOS, Android, and Windows platforms. The studio focuses on revitalizing classic casual genres such as marble shooters and nonogram puzzles with innovative mechanics and continuous content updates. Games are monetized through in-app purchases and in-game advertising, with over 30 million downloads across the portfolio.

Product overview

Two Desperados operates as a mobile gaming studio with a portfolio of three core casual gaming titles rather than a unified platform with modules. The product lineup consists of three distinct games: Nonogram Crossing (a logic puzzle game), Marble Shooter: Viola's Quest, and Marble Woka Woka: Jungle Blast (both marble shooter games). The games share a common casual gaming approach with meaningful progression systems, captivating worlds, and player-first design. All three titles are free-to-play with in-app purchase monetization, distributed through major app stores (Google Play, App Store, Amazon, Windows, Facebook) and feature advanced liveops for user engagement. The portfolio has achieved over 30 million cumulative downloads across global markets.

Differentiator

Problem solved

Functional benefit

Brands

• Woka Woka: Marble shooter game franchise including Marble Woka Woka: Jungle Blast
• Viola's Quest
• NoNo Crossing

Products and services

• Marble Woka Woka: Jungle Blast

Quantifiable outcome

• 30M+ cumulative downloads across portfolio
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration24 records

Feature3 records

Scale indicators5 records

Recent moves5 records

Expansion highlights6 records

Broad incumbents

• Rovio Entertainment: Rovio (Angry Birds franchise) is an established casual mobile game publisher with F2P IAP and ad revenue across global platforms—comparable business model at much larger scale.
• King (Activision Blizzard): King operates the global casual puzzle franchise Candy Crush and dominates casual mobile gaming with deep liveops and heavy UA—an established incumbent whose category Two Desperados operates in.
• Zynga: Zynga is a large social/casual mobile game publisher (now part of Take-Two) operating F2P titles with IAP and ad monetization across global app stores—broadly comparable business model to Two Desperados at larger scale.

Direct peers

• Wooga: Wooga is a Berlin-based casual mobile studio (June's Journey) focused on puzzle/story games with F2P liveops and global distribution—comparable in studio size, genre adjacency, and operational model.
• Peak Games: Peak Games (Toon Blast, Toy Blast) is a casual mobile puzzle studio with F2P liveops-driven titles and global UA—a direct competitor in the casual mobile puzzle genre.
• Voodoo: Voodoo is a leading mobile casual and hypercasual game publisher with a large portfolio of free-to-play titles distributed via app stores with IAP and ad monetization—closely matching Two Desperados' distribution, business model, and liveops-driven approach.
• Playrix: Playrix is a major casual mobile game studio (Homescapes, Gardenscapes) running F2P puzzle games with deep liveops and strong UA budgets, comparable in genre, business model, and operational maturity to Two Desperados.
• Tactile Games: Tactile Games is a Copenhagen-based casual mobile studio (Lily's Garden) with similar F2P puzzle portfolio, advanced liveops, and global UA focus, comparable in studio size and category to Two Desperados.
• Good Job Games: Good Job Games is a casual mobile publisher (Arrow Fest, Color Roll 3D) operating F2P titles with ad and IAP monetization on app stores—comparable in model and mid-sized independent studio profile.

Regional players

• Outfit7: Outfit7 is a Slovenia-based casual mobile studio (Talking Tom Gold Run) with global distribution, similar studio-size profile, and F2P IAP/ad model—comparable as a regional Central/Eastern European peer.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

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 Two Desperados