madhead

What madhead does

Mad Head Limited (Madhead) is a privately held Hong Kong-based mobile game developer founded in 2011 by brothers Terry and Terence Tsang, both Hong Kong University of Science and Technology alumni. The company develops and self-publishes mobile games for iOS and Android, with its flagship title Tower of Saviors (神魔之塔), a puzzle RPG launched in January 2013 in which players dissolve Runestones to collect monsters, join guilds, and progress through over a thousand stages. The game has accumulated more than 23 million global downloads and has ranked among the top mobile games in Taiwan, Hong Kong, Malaysia, and other Southeast Asian regions for over a decade, winning the Bahamut ACG Annual Top 10 Games award consecutively from 2016 to 2020.

The company's product portfolio also includes Chronos Gate (launched May 2016, with the pilot version surpassing 1 million downloads in its first week) and Oneiric Tales (launched February 2017). Madhead's core technology is built around mobile game engines supporting runestone-matching mechanics, guild systems, monster collection, and live event functionality. The company has assembled an extensive content moat through anime IP collaborations spanning 2013–2026, covering franchises such as JoJo's Bizarre Adventure, Attack on Titan, Demon Slayer, Jujutsu Kaisen, Evangelion, One Punch Man, and Hatsune Miku, with more recent additions extending into Korean IP such as Solo Leveling.

Madhead operates a freemium business model monetizing through in-app purchases within Tower of Saviors, including virtual currency, items, and premium content. The company maintains a Taiwan branch office alongside its Hong Kong headquarters, and supports its player base through dedicated YouTube (500,000+ subscribers), Facebook, and Instagram channels, annual Taipei Game Show participation (expanded to 100 booths in 2019), and an esports tournament series (TOS Champion Cup, launched June 2020). Additional brand-building investments have included celebrity brand ambassadors such as Michelle Chen (2013), BIGBANG (2014), and Joanne Missingham (2023), as well as a Facebook In-stream Rewards integration (2019) that connects video viewership to in-game reward redemption.

Name

madhead

Legal name

Mad Head Limited

Website

https://madhead.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Mad Head Limited (Madhead) is a Hong Kong-based mobile game developer and publisher best known for Tower of Saviors, a puzzle RPG with over 23 million global downloads primarily across Hong Kong, Taiwan, Malaysia, and Southeast Asia, monetized via freemium in-app purchases.

Ownership category

akta.pro rank

Product category

Mobile Gaming

NAICS

Amusement Parks and Arcades (7131)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

In-Game Item Marketplaces & Trading Platforms (MPAFACAJ)

Keywords

• Mobile game development
• Puzzle RPG games
• Freemium gaming apps
• Anime IP licensing
• Monster collection games

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. In-App Purchases: Tower of Saviors generates revenue through in-app purchases within the mobile game, including virtual currency, items, and premium content. Players can purchase game resources to enhance their gameplay experience.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Madhead develops and operates free-to-play mobile puzzle RPG games, with Tower of Saviors as its flagship title. The game combines runestone-matching puzzle mechanics with monster collection, turn-based combat, and co-branded anime IP collaboration events. Revenue is generated primarily through in-app purchases of in-game currency and items.

Product overview

Madhead is a Hong Kong-based mobile game developer and publisher offering a portfolio of mobile games. The flagship product is Tower of Saviors (神魔之塔), a puzzle RPG with runestone-matching mechanics, monster collection, and guild features. The portfolio also includes Chronos Gate and Oneiric Tales. The company operates as both developer and distributor, serving players across Hong Kong, Taiwan, Malaysia, and other Southeast Asian regions.

Differentiator

Problem solved

Functional benefit

Products and services

• Tower of Saviors A free-to-play mobile puzzle RPG that combines runestone-matching puzzle gameplay with monster collection, turn-based combat, guild play, and co-branded anime IP collaboration events. Targets mobile gamers, primarily in the Asia-Pacific region.
• Chronos Gate A mobile game title released by Madhead in 2016 as part of its portfolio beyond Tower of Saviors.
• Oneiric Tales A mobile game title released by Madhead in 2017 as part of its portfolio beyond Tower of Saviors.
• Mahjong Fight A mobile mahjong battle game launched by Madhead in 2024.

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

Feature1 record

Partnerships

55 partnerships are on record, tiered minor and core.

• I Alone Level Up (我獨自升級)minorStrategic or Co-development Partner · 1 January 2026Anime IP collaboration for Tower of Saviors game content featuring characters from the popular Korean web novel/IP series.
• Akaname Special (膽大黨)minorStrategic or Co-development Partner · 1 January 2026Anime IP collaboration for Tower of Saviors featuring characters from the manga series.
• Mushoku Tensei (無職轉生～到了異世界就拿出真本事～)minorStrategic or Co-development Partner · 1 January 2026Anime IP collaboration for Tower of Saviors featuring characters from the popular isekai anime series.
• Re:Zero (Re:從零開始的異世界生活)minorStrategic or Co-development Partner · 1 January 2025Anime IP collaboration for Tower of Saviors featuring characters from the popular anime series.
• JoJo's Bizarre Adventure (JoJo的奇妙冒險)minorStrategic or Co-development Partner · 1 January 2025Anime IP collaboration for Tower of Saviors featuring characters from the long-running manga series.
• Oshi no Ko (我推的孩子)minorStrategic or Co-development Partner · 1 January 2025Anime IP collaboration for Tower of Saviors featuring characters from the manga series.
• Code Geass (CODE GEASS 反叛的魯路修) × (CODE GEASS 奪回的Rozé)minorStrategic or Co-development Partner · 1 January 2025Anime IP collaboration for Tower of Saviors featuring characters from the Code Geass franchise.
• Catnap Tea (貓貓蟲咖波)minorStrategic or Co-development Partner · 1 January 2025Taiwanese character IP collaboration for Tower of Saviors featuring the popular Catnap Tea character.
• Rurouni Kenshin (神劍闖江湖－明治劍客浪漫譚－)minorStrategic or Co-development Partner · 1 January 2024Anime IP collaboration for Tower of Saviors featuring characters from the manga series.
• Neko Wars (貓咪大戰爭)minorStrategic or Co-development Partner · 1 January 2024Collaboration featuring characters from the popular Neko Wars mobile game series.
• That Time I Got Reincarnated as a Slime (關於我轉生變成史萊姆這檔事)minorStrategic or Co-development Partner · 1 January 2024Anime IP collaboration for Tower of Saviors featuring characters from the popular isekai anime.
• SHY (SHY靦腆英雄)minorStrategic or Co-development Partner · 1 January 2024Anime IP collaboration for Tower of Saviors featuring characters from the manga series.
• Hell's Paradise (地獄樂)minorStrategic or Co-development Partner · 1 January 2024Anime IP collaboration for Tower of Saviors featuring characters from the manga series.
• Attack on Titan (進擊的巨人)minorStrategic or Co-development Partner · 1 January 2023Anime IP collaboration for Tower of Saviors featuring characters from the popular anime/manga series.
• Jujutsu Kaisen (咒術迴戰)minorStrategic or Co-development Partner · 1 January 2023Anime IP collaboration for Tower of Saviors featuring characters from the popular manga series.
• Hikaru no Go (棋魂)minorStrategic or Co-development Partner · 1 January 2023Anime IP collaboration for Tower of Saviors featuring characters from the classic manga series.
• Sword Art Online (刀劍神域)minorStrategic or Co-development Partner · 1 January 2023Anime IP collaboration for Tower of Saviors featuring characters from the popular anime series.
• Hatsune Miku (初音未來)minorStrategic or Co-development Partner · 1 January 2023Vocaloid IP collaboration for Tower of Saviors featuring the popular virtual singer character.
• Joanne Missingham (黑嘉嘉)minorStrategic or Co-development Partner · 1 January 2023Taiwanese professional Go player and actress engaged as brand ambassador for Tower of Saviors in January 2023.
• Monster Strike (怪物彈珠)minorStrategic or Co-development Partner · 1 January 2022Mobile game IP collaboration for Tower of Saviors featuring characters from the popular mobile game.
• Gintama (銀魂)minorStrategic or Co-development Partner · 1 January 2022Anime IP collaboration for Tower of Saviors featuring characters from the comedy manga series.
• Digimon (數碼暴龍)minorStrategic or Co-development Partner · 1 January 2022Anime IP collaboration for Tower of Saviors featuring characters from the popular franchise.
• One Punch Man (一拳超人)minorStrategic or Co-development Partner · 1 January 2022Anime IP collaboration for Tower of Saviors featuring characters from the popular manga series.
• SPY×FAMILYminorStrategic or Co-development Partner · 1 January 2022Anime IP collaboration for Tower of Saviors featuring characters from the popular manga series.
• Sailor Moon Eternal (劇場版美少女戰士Sailor Moon Eternal)minorStrategic or Co-development Partner · 1 January 2022Anime IP collaboration for Tower of Saviors featuring characters from the classic magical girl anime.
• Rockman X DiVE (ROCKMAN X DiVE)minorStrategic or Co-development Partner · 1 January 2021Game IP collaboration for Tower of Saviors featuring characters from the Capcom franchise.
• Demon Slayer (鬼滅之刃)minorStrategic or Co-development Partner · 1 January 2021Anime IP collaboration for Tower of Saviors featuring characters from the popular anime series.
• Guilty Gear (聖鬥士星矢)minorStrategic or Co-development Partner · 1 January 2021Anime IP collaboration for Tower of Saviors featuring characters from the classic anime series.
• Godzilla (哥吉拉)minorStrategic or Co-development Partner · 1 January 2021Film IP collaboration for Tower of Saviors featuring the iconic monster character.
• Kamen Rider (假面騎士)minorStrategic or Co-development Partner · 1 January 2021Tokusatsu IP collaboration for Tower of Saviors featuring characters from the long-running series.
• My Hero Academia (我的英雄學院)minorStrategic or Co-development Partner · 1 January 2021Anime IP collaboration for Tower of Saviors featuring characters from the popular manga series.
• Fullmetal Alchemist: Brotherhood (鋼之鍊金術師 BROTHERHOOD)minorStrategic or Co-development Partner · 1 January 2020Anime IP collaboration for Tower of Saviors featuring characters from the popular anime series.
• Gurren Lagann (天元突破 紅蓮螺巖)minorStrategic or Co-development Partner · 1 January 2020Anime IP collaboration for Tower of Saviors featuring characters from the anime series.
• Seven Deadly Sins (七大罪 眾神的逆鱗)minorStrategic or Co-development Partner · 1 January 2020Anime IP collaboration for Tower of Saviors featuring characters from the popular manga series.
• Evangelion New Theatrical Edition (福音戰士新劇場版)minorStrategic or Co-development Partner · 1 January 2020Anime IP collaboration for Tower of Saviors featuring characters from the classic anime franchise.
• Facebook GamingcoreTechnology or Integration · 1 August 2019Facebook In-stream Rewards integration allowing Tower of Saviors to reward players for watching game video streams on Facebook. Viewers who claim rewards by watching Facebook Gaming video can directly redeem them in the game. This drove better engagement and conversion from viewing to playing.
• Hong Kong Science and Technology Parks CorporationcoreStrategic or Co-development Partner · 1 May 2019Madhead was nurtured as an incubatee and developed into an award-winning mobile game developer at Hong Kong Science Park. Madhead presented a tree (Brachychiton Acerifolius) to the Corporation in May 2019 as gratitude for their dedicated support during the company's development.
• Fairy Tail (FAIRY TAIL魔導少年)minorStrategic or Co-development Partner · 1 January 2019Anime IP collaboration for Tower of Saviors featuring characters from the popular manga series.
• Saint Seiya (聖鬥士星矢)minorStrategic or Co-development Partner · 1 January 2019Anime IP collaboration for Tower of Saviors featuring characters from the classic anime series.
• ULTRAMANminorStrategic or Co-development Partner · 1 January 2019Anime IP collaboration for Tower of Saviors featuring characters from the franchise.
• Hatsune Miku (初音未來)minorStrategic or Co-development Partner · 1 January 2019Vocaloid IP collaboration for Tower of Saviors featuring the popular virtual singer.
• Hunter x Hunter (全職獵人)minorStrategic or Co-development Partner · 1 January 2019Anime IP collaboration for Tower of Saviors featuring characters from the manga series.
• Hunter x Hunter (全職獵人)minorStrategic or Co-development Partner · 1 January 2018Anime IP collaboration for Tower of Saviors featuring characters from the manga series.
• Yu Yu Hakusho (幽遊白書)minorStrategic or Co-development Partner · 1 January 2018Anime IP collaboration for Tower of Saviors featuring characters from the classic manga series.
• KonoSuba (為美好的世界獻上祝福)minorStrategic or Co-development Partner · 1 January 2018Anime IP collaboration for Tower of Saviors featuring characters from the comedy isekai series.
• Crash FeverminorStrategic or Co-development Partner · 1 January 2017Mobile game IP collaboration for Tower of Saviors featuring characters from the puzzle game.
• Pili Budaixi (霹靂布袋戲)minorStrategic or Co-development Partner · 1 January 2017Taiwanese puppet show IP collaboration for Tower of Saviors featuring traditional puppet characters.
• The King of Fighters (格鬥天王)minorStrategic or Co-development Partner · 1 January 2017Fighting game IP collaboration for Tower of Saviors featuring characters from SNK franchise.
• Game of War (列王的紛爭)minorStrategic or Co-development Partner · 1 January 2016Strategy game IP collaboration for Tower of Saviors.
• Monopoly (大富翁)minorStrategic or Co-development Partner · 1 January 2016Classic board game IP collaboration for Tower of Saviors.
• Monster Strike (怪物彈珠)minorStrategic or Co-development Partner · 1 January 2015Mobile game IP collaboration featuring characters from the popular Japanese mobile game.
• The Walt Disney CompanyminorStrategic or Co-development Partner · 1 January 2014Disney Villains collaboration for Tower of Saviors featuring Disney villain characters in May 2014.
• BIGBANGminorStrategic or Co-development Partner · 1 January 2014South Korean boy band engagement as brand ambassadors for Tower of Saviors. The partnership included a meet-and-greet event at the Hong Kong Convention and Exhibition Centre in July 2014.
• B. DuckminorStrategic or Co-development Partner · 1 January 2013Character IP collaboration for Tower of Saviors featuring the popular B. Duck character.
• Michelle Chen (陳妍希)minorStrategic or Co-development Partner · 1 January 2013Taiwanese actress and singer engagement as brand ambassador for Tower of Saviors starting July 2013.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Regional players

• LINE Games: Asian mobile game publisher operating titles like Dragon Flight and Brown Dust; comparable regional positioning and focus on Asian mobile RPGs.
• DeNA: Japanese mobile game publisher (Pokémon Masters) with strong IP collaboration heritage; comparable business model of mobile RPGs with licensed IP partnerships.
• Com2uS: Korean mobile game developer/publisher (Summoners War); comparable Asian mobile RPG with collectible mechanics and IP collaboration strategies.
• WeMade: Korean mobile game developer/publisher with a portfolio of free-to-play RPG and casual titles targeting Asian markets; comparable regional mobile game studio profile.

Broad incumbents

• Zynga (Take-Two Interactive): Major mobile game publisher behind Words With Friends, CSR Racing and similar casual titles; comparable freemium business model and mobile publisher/developer profile.
• King (Activision Blizzard): Owner of Candy Crush franchise, the global leader in mobile puzzle games; comparable category and freemium monetization strategy though King operates at vastly larger scale.
• NetEase Games: Major Chinese mobile game publisher (Knives Out, Marvel Super War); comparable mobile game publisher profile operating in Asian markets with diverse portfolio.

Direct peers

• Playrix: Global mobile puzzle game developer (Gardenscapes, Homescapes); comparable freemium puzzle RPG business model and lifestyle targeting of casual mobile gamers.
• miHoYo (HoYoverse): Chinese mobile game developer (Genshin Impact, Honkai) with strong Asian market presence and IP-quality mobile RPG titles; comparable studio scale to Madhead in terms of craft and brand recognition.
• GungHo Online Entertainment: Developer of Puzzle & Dragons, the dominant mobile puzzle RPG with collectible monsters and IP collaborations, most comparable to Tower of Saviors in mechanic, genre and target audience across Asian markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/c/madheadlive
• Facebookfacebook.com/MadHeadLimited
• LinkedInlinkedin.com/company/6395484
• Instagraminstagram.com/tos_zh

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 madhead