What Midgard does

Midgard Ltd. is a private, founder-operated mobile software development studio headquartered in Maslak, Istanbul, Turkey, founded in 2014 with a headcount of 51-100 employees. The company's stated focus is Virtual Reality and Augmented Reality technologies, and it builds custom end-to-end software solutions spanning VR/AR applications, native and cross-platform mobile apps (iOS, Android, React Native), NodeJS backends, and websites with custom CMS implementations. Its core technology stack centers on Unity for immersive development, React Native for cross-platform mobile, and NodeJS for backend services.

Midgard operates a B2B custom development services model, generating revenue through project-based contracts rather than productized ARR or licensing. The firm acquires clients primarily through its portfolio website and social media presence, with direct client engagement for projects ranging from AR marketing campaigns (GİGA CR7 for Türk Telekom, featuring Cristiano Ronaldo) to smart home energy apps (Smarte), audio book platforms (Dinlebi), surface nicotine testing apps with custom CMS (Knowsmoke), carbon removal company websites (Carbonaires), and immersive VR games integrated with VRChat (Competitive Race VR / Metaverse Macera Adası, Archery Game VR, Roller Coaster). Customer segments are diversified across telecom/Türk Telekom and TTNET, smart home/IoT, healthcare/testing, media/audio, climate/environmental organizations, and brand marketing.

Midgard's value proposition rests on specialized VR/AR development expertise and a young team of highly educated developers and designers capable of executing business ideas from concept through deployment. The company serves primarily the Turkish market with regional engagement, holding no disclosed institutional investment, no parent entity, no subsidiaries, and no recorded mergers, acquisitions, or leadership changes. Co-founder Yavuz İrfanoğlu is the named leadership figure in the dataset. Operational status is active, with the website portfolio updated through November 2024.

Name

Midgard

Legal name

Midgard Ltd.

Website

https://midgard.com.tr

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

Midgard Ltd. is a private Istanbul-based custom mobile and VR/AR software development studio founded in 2014, serving Turkish B2B clients across telecom, smart home, healthcare, media, and climate verticals with project-based contracts.

Ownership category

akta.pro rank

Headquarters

HQ city

Maslak

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Custom Software Development Services: Project-based custom software development for B2B clients, including VR/AR applications, mobile apps, and web development services. Revenue generated through direct client contracts for bespoke software solutions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Midgard is a B2B custom software development studio that designs, builds, and delivers Virtual Reality, Augmented Reality, mobile, and web applications for enterprise and startup clients. The studio executes end-to-end software projects — from concept and design through development and deployment — spanning immersive VR games, AR marketing campaigns, smart-home companion apps, audio platforms, and content websites.

Product overview

Midgard Ltd is a mobile software company offering a portfolio of digital products and custom development services. The company specializes in Virtual Reality (VR) and Augmented Reality (AR) technologies, providing immersive game development (Competitive Race/Metaverse Macera Adası, Archery Game VR, Roller Coaster) and AR marketing applications (GİGA CR7 for Türk Telekom). They also develop mobile applications including smart home energy apps (Smarte), audio book platforms (Dinlebi), and testing solutions (Knowsmoke with CMS), alongside custom web development services. The offerings span standalone products as well as client-specific development services.

Differentiator

Problem solved

Functional benefit

Products and services

• VR/AR Development Services Custom virtual reality and augmented reality application development services for B2B clients, including immersive game development, interactive marketing experiences, and educational VR content.
• Mobile Application Development Native and cross-platform mobile application development for iOS and Android, including smart home apps, audio book platforms, and testing/monitoring applications.
• Web Development Custom website development services, including responsive web design and content management system (CMS) implementations.
• Smarte Mobile Applications Smart home energy management mobile applications that enable users to monitor real-time energy usage, control smart devices, and integrate with solar panels and energy systems. Built for Smarte, an energy management company.
• GİGA CR7 AR Mobile App Augmented reality mobile application developed for Türk Telekom's GiGA 4.5G campaign featuring Cristiano Ronaldo, enabling users to scan promotional materials to unlock exclusive content.
• Metaverse Macera Adası (Metaverse Adventure Island) Immersive virtual reality game featuring detailed 3D environments and interactive gameplay for VR platforms, integrated with VRChat, combining entertainment with enriching experiences.
• Knowsmoke Mobile Apps & CMS Mobile applications for Knowsmoke surface nicotine testing solutions, paired with a custom CMS for content and order management.
• Dinlebi Audio Book Platform Mobile apps and website platform for audiobook content delivery and consumption for Dinlebi, an audio book platform.
• Carbonaires Website Website platform for Carbonaires, a carbon removal company, featuring project overviews, due diligence process information, and responsive functionality.

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Eleks: Global software development and consulting firm offering custom application development, IoT, and AR/VR-adjacent services. Comparable as a similarly-sized custom dev firm operating in the cross-stack services model Midgard uses.
• Groove Jones: US-based AR/VR immersive tech creative and development studio serving enterprise marketing campaigns. Highly comparable as a specialist VR/AR development studio targeting brand-side AR marketing engagements (analogous to Midgard's Türk Telekom GİGA CR7 work).
• BairesDev: Large nearshore custom software development firm with extensive mobile and emerging-tech practices. Comparable as a cross-stack, project-based B2B dev studio competing for the same type of custom app/AR work.
• Thoughtbot: Boutique custom software design and development studio focused on mobile and web products. Comparable as a similarly-sized project-based dev studio with portfolio-driven B2B GTM motion similar to Midgard's.
• WillowTree: US-based custom mobile app and digital product studio with extensive work in AR/VR and emerging platforms. Directly comparable as a brand-side studio competing for similar B2B enterprise app/AR marketing contracts.
• Ciklum: Global custom software engineering and digital services firm with delivery centers in Eastern Europe and a portfolio spanning mobile, web, AR/VR-adjacent work. Highly comparable as a project-based B2B custom development studio competing for similar enterprise engagements.
• Intellias: Ukrainian-headquartered IT services company providing custom software development across mobile, web, and emerging tech — closely mirrors Midgard's project-based B2B studio model with similar geographic-cost positioning.

Broad incumbents

• Niantic: AR platform and game developer (Pokémon GO, Ingress) and acquirer of 8th Wall. Serves as a broad incumbent that sets the enterprise AR expectations that boutique studios like Midgard must deliver against in marketing AR campaigns.
• EPAM Systems: Large, publicly-listed IT services and digital engineering company with extensive AR/VR and mobile practices. Serves as a broader incumbent competitor that Midgard would lose to on price/credibility for enterprise-grade engagements.

Emerging players

• Resolution Games: VR-native game studio publishing immersive titles across Meta Quest and VRChat (Midgard's integration partner). Adjacent and somewhat comparative as a VR game-focused studio, though more product-side than services-side.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCA_DgnjJZ74rlveX9ZRqt0Q
• Facebookfacebook.com/Midgard-Ltd-1894734780807135
• LinkedInlinkedin.com/company-beta/3715519

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Midgard