Two Desperados lands $20 million for mobile user acquisition growth

Two Desperados has secured $20 million in user acquisition financing from PvX Partners, and the deal gives the Belgrade studio something mobile publishers rarely get together: more growth capital without giving up ownership. For players, that usually means the games already on the market can get a lot more visible, with bigger ad budgets, wider international targeting and more pressure to convert fresh installs into long-term spend.

The studio said the money will expand user acquisition across its portfolio and help it reach a wider audience. That matters because this kind of financing is usually reserved for mobile teams that have already proven retention and can show their spend will come back over time. Two Desperados says it has passed 30 million downloads across its catalog, which includes Nonogram Crossing Logic Puzzle, Marble Shooter: Viola's Quest and Marble Woka Woka.

Two Desperados describes itself as the largest independent mobile gaming studio in Southeastern Europe. It is based in Belgrade, Serbia, and PitchBook lists the company as founded in 2010 with 59 total employees. That footprint is small compared with the biggest global mobile publishers, but it is large enough to support a portfolio strategy built around steady live operations and repeated acquisition pushes when a title starts to break out.

Founder and CEO Vojislav Milutinovic framed the financing as a way to keep control while scaling faster, saying the studio has built games players love and now has the fuel to make sure more people find them. That non-dilutive structure is the key detail here. Instead of selling equity just to fund marketing, Two Desperados can borrow against performance and keep the upside if its games continue to perform.

PvX Partners has positioned itself around that model, offering non-dilutive cohort financing for gaming and consumer apps with flexible repayment terms. The company says it can issue term sheets within 24 hours and deliver funds within 30 days, a speed that fits a market where UA windows can open and close quickly. PvX itself raised $3.8 million in seed funding in March 2025, co-led by Play Ventures and General Catalyst, with angel backing that included Michail Katkoff and Matej Lancaric.

The larger signal for mobile gaming is hard to miss: the studios that can prove retention are increasingly borrowing to buy growth, and that can shape which games get pushed hardest, how fast live-service monetization ramps and how far a hit can be scaled before the next install surge fades.