Oxygen

What Oxygen does

Oxygen S.A. is a Polish gaming capital group publicly listed on the NewConnect alternative market of the Warsaw Stock Exchange (ticker: OXY). Originally incorporated in 2005 as Smoke Shop Sp. z o.o. for tobacco retail, the entity underwent multiple name changes (Exchange Invest S.A. in 2016, Premium Fund S.A. in 2017, Oxygen S.A. in November 2019) and a strategic pivot to gaming in 2020. The group now operates three wholly-owned subsidiaries — Mousetrap Games sp. z o.o., HyperCat sp. z o.o. (formerly Glass Cannon Games), and Block Dog — focused on mobile game development and publishing for Android, iOS, and selectively PC (via Daedalic) and Nintendo Switch. Edward Mężyk serves as CEO, and the registered office is in Wrocław, Poland.

The company's core business is producing and publishing a high-volume catalog of mobile games across hyper-casual, casual, mid-core, and premium categories, using a data-driven product-led growth model. Titles are soft-launched to collect player retention and LTV data; Oxygen applies a roughly 20% day-1 retention threshold (30%+ considered very promising) to select titles for global launch. Between 2020 and 2022 the group released over 50 mobile games (15 in 2020, 17 in 2021, 20 in 2022), with named titles including Green Thumb (gardening simulator with procedurally generated 3D plant models), Sword of Glory (RPG), Cards Up! (logic game), Bee Merge (hexagonal puzzle, co-developed with War Bear Games), Jars (tower defense, Gamescom 2019 recognized), and the in-development NFT-based CryptoDino with Dinolabs. From February 2023, the group entered the second stage of its 2020–2025 strategy with a narrower focus on three priority titles and Web 3.0 expansion.

Revenue is generated through multiple streams: freemium publishing of its own and partner titles, premium one-time license sales (e.g., Jars), publishing/distribution fees with revenue-share or fixed-fee arrangements (Voodoo, Ketchapp/Ubisoft, Daedalic), and Web3/NFT licensing. Marketing is community-driven via Discord, the recurring Hyper Challenge developer competition, email newsletters, and earned gaming media coverage. The company has no disclosed revenue figures, has raised over 1.5 million PLN through equity crowdfunding (2020), and operates under the Beskidzkie Biuro Consultingowe Sp. z o.o. as its authorized NewConnect advisor.

Name

Oxygen

Legal name

Oxygen S.A.

Website

https://oxygen.com.pl

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Oxygen S.A. is a Polish mobile gaming holding company (NewConnect: OXY) that develops and publishes hyper-casual, casual, and mid-core games through its subsidiaries Mousetrap Games, HyperCat, and Block Dog, serving individual mobile gamers globally and partner studios.

Ownership category

akta.pro rank

Product category

Mobile Gaming

NAICS

Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers (5162), Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers (516210)

akta.pro primary industry

Mobile & F2P Game Studios (MPAFAAAB)

akta.pro secondary industry

Mobile Game Publishing & App Game Stores (BPAMAKAB)

Keywords

• Mobile game development
• Mobile game publishing
• Hyper-casual gaming
• NFT game development
• Game distribution services

Headquarters

HQ city

Wroclaw

HQ country

Poland

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. Mobile Game Publishing: Publishing model allows Oxygen to release more titles with lower financial risk. The company publishes both its own productions and games from external studios.
2. Premium Game Sales: Sale of premium mobile games such as Jars, targeting various player segments including casual and hyper-casual gamers.
3. Publishing Services: Providing publishing, distribution, promotion and marketing services for partner studios in exchange for revenue sharing or fixed fees.
4. NFT Game Development: Development of NFT-based games such as CryptoDino, with rights and source code transferred to partners for agreed compensation.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Oxygen S.A. is a mobile gaming capital group that develops and publishes mobile games across hyper-casual, casual, mid-core, premium, and web3/NFT categories through its subsidiaries Mousetrap Games, HyperCat, and Block Dog. The group also provides publishing, distribution, and marketing services to external game studios, releasing 15-20 titles per year and using soft-launch data analytics to select titles for global launch.

Product overview

Oxygen S.A. is a Polish gaming capital group listed on the Warsaw Stock Exchange NewConnect market (Ticker: OXY), operating three subsidiaries — Mousetrap Games, HyperCat, and Block Dog. The group focuses on producing and publishing mobile games across hyper-casual, casual, mid-core, premium, and web3/NFT categories. Its core product is a diverse mobile game portfolio, supplemented by publishing services that allow the group to release titles from both in-house and external developers. Key named titles include Green Thumb (a gardening simulator), Sword of Glory (RPG), Cards Up! (logic game), Bee Merge (puzzle), and Jars (tower defense), as well as the recurring Hyper Challenge competition and the in-development NFT game CryptoDino. The group also gathers and analyzes player behavior and monetization data to guide title selection for global launches.

Differentiator

Problem solved

Functional benefit

Brands

• Mousetrap Games: Wrocław-based mobile game development studio specializing in hyper-casual, casual, and premium games including Jars, Run the Beat, Rocat Jumpurr, Cards Up!, and Sword of Glory.
• HyperCat
• Hyper Challenge

Products and services

• Green Thumb A gardening studio simulation game for mobile. Players plant, nurture, collect, and sell plants to build and expand their nursery, featuring procedurally generated 3D plant models. Released on Google Play by Mousetrap Games.
• Sword of Glory An RPG game published by Mousetrap Games, selected as a priority title for global launch under Oxygen Group's second-stage strategy.
• Cards Up! A logic/card game created by Mousetrap Games, selected as a priority title for global launch under Oxygen Group's second-stage strategy.
• Bee Merge A relaxing hexagonal puzzle game developed by Mousetrap Games in collaboration with War Bear Games. Players merge flower-themed blocks on a honeycomb grid to create nectar, with no time limit and certain levels having move limits.
• Jars A tower defense game developed by HyperCat (formerly Glass Cannon Games), recognized by players and critics at Gamescom 2019 in Cologne. Published on PC and Nintendo Switch by Daedalic Entertainment in 2021.
• CryptoDino An NFT-based strategy/idle game developed by HyperCat in partnership with Dinolabs, featuring play-to-earn mechanics where players manage a settlement, send Dinos on expeditions, breed NFT characters, and earn rewards through gameplay.

Quantifiable outcome

• 20% first-day retention rate threshold for promising titles, 30%+ considered very promising

Named customers1 record

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

Eight partnerships are on record, tiered core and minor.

• VoodoocoreChannel Partner/ Reseller/ DistributorVoodoo is a significant mobile game publisher that has supported Oxygen Group in promoting specific game titles. This partnership demonstrates Oxygen's ability to work with major players in the hyper-casual gaming space.
• Daedalic EntertainmentcoreChannel Partner/ Reseller/ DistributorGerman publisher Daedalic Entertainment signed a publishing agreement in March 2021 to release the Jars title on PC and Nintendo Switch. Daedalic provides distribution and publishing services for Oxygen Group's games.
• Ketchapp (Ubisoft)coreChannel Partner/ Reseller/ DistributorKetchapp, part of Ubisoft Entertainment, is a mobile game publisher that has collaborated with Mousetrap Games. This partnership provides access to broader distribution and marketing resources.
• War Bear GamescoreStrategic or Co-development PartnerPolish gaming studio focused on hybrid-casual trends and detailed market data. Collaboration agreement for creating games where War Bear Games develops and Mousetrap Games handles distribution, promotion, and marketing. First joint product was Bee Merge.
• DinolabsminorStrategic or Co-development PartnerPartnership for NFT-based game development. HyperCat (Oxygen subsidiary) developed CryptoDino game and transferred all rights and source code to Dinolabs for agreed compensation, marking Oxygen's entry into the NFT gaming market.
• Koło Naukowe TK GamesminorGTM or Marketing PartnerStudent scientific club at Wroclaw University of Technology serving as partner in organizing and promoting the Hyper Challenge competition for mobile game developers.
• Better Gaming AgencyminorGTM or Marketing PartnerSupporting partner for the Hyper Challenge competition, providing marketing and promotional support for the mobile game development contest.
• Beskidzkie Biuro ConsultingoweminorOthersAuthorized advisor for Oxygen S.A. on the NewConnect market, providing investor relations and regulatory compliance support.

Scale indicators6 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• BoomBit: Polish mobile game developer and publisher listed on the Warsaw Stock Exchange. Closest publicly traded domestic comparable — same Polish footprint, mobile/Apple/Google distribution, and listed-market capital access constraints.
• Ketchapp: Mobile game publisher owned by Ubisoft and one of Oxygen's named partners. Overlaps on hyper-casual/casual publishing, global distribution, and platform-store relationships that Oxygen relies on.
• Huuuge Games: Polish mobile social casino and casual game publisher. Same Polish/Polish-listed heritage, similar mobile-game publishing business model, and Polish talent pool overlap as Oxygen Group.
• Vivid Games: Polish mobile game developer (e.g., Real Boxing). Domestic listed comparable with overlapping mobile-game portfolio strategy and similar access to Polish talent and EU distribution.
• Daedalic Entertainment: German publisher and a named Oxygen partner for Jars on PC and Nintendo Switch. Comparable role as both publisher and competitor for premium indie titles across platforms.
• All in! Games: Polish video-game publisher and developer. Same Warsaw-listed gaming exposure, similar mid-market capitalization profile, and overlapping publishing-for-external-studios model.
• Voodoo: Paris-based publisher and a dominant force in hyper-casual mobile gaming. Direct competitor to Oxygen in hyper-casual publishing, and simultaneously a named distribution partner — providing a relevant benchmark for both competitive and partner-economics analysis.
• War Bear Games: Polish mobile game studio and explicit co-development partner with Mousetrap Games (Bee Merge). Closest size-matched strategic partner that both competes and collaborates with Oxygen Group.

Broad incumbents

• Zynga: Major mobile/social game publisher (now part of Take-Two). Provides a portfolio-publisher benchmark relevant to Oxygen's mobile-game publishing and freemium/transactional monetization approach.
• Playrix: One of the largest casual/mid-core mobile game publishers globally (Homescapes, Gardenscapes). Demonstrates the scale benchmark and portfolio breadth Oxygen aspires to via its strategy stage-2 priority titles.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 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 Oxygen