Belgrade-based mobile game developer Two Desperados has secured $20 million in financing from growth-finance specialist PvX Partners, one of the largest funding transactions in Serbia’s gaming industry this year. The company said the funds will be used to accelerate international user acquisition and expand its global player base. The financing is described as not diluting existing ownership.
The deal is structured as non-dilutive financing, enabling the studio to fund growth while retaining full ownership and creative control. The model is presented as increasingly common among mobile gaming companies that aim to increase marketing expenditure without issuing new equity or reducing founders’ stakes.
Studio background and portfolio scale
Two Desperados was founded in Belgrade by Vojislav Milutinović. The studio has developed into one of Southeast Europe’s largest independent mobile game developers. Its portfolio has surpassed 30 million downloads.
The company’s titles include Marble Woka Woka, Marble Shooter: Viola’s Quest, and Nonogram Crossing. The financing announcement links the funding plan to expanding international reach for these games.
How growth financing aligns with mobile marketing costs
The transaction is tied to a broader shift in the global gaming sector, where user acquisition costs are rising across major app stores. Studios are seeking access to larger marketing budgets to compete internationally. The source also states that companies with monetization and player-retention metrics are turning to specialized growth capital providers.
Under this approach, customer acquisition funding is described as being based on performance data rather than raising equity. The structure is positioned as a way to scale marketing spend while avoiding new share issuance or founder stake reductions.
Implications for Serbia’s technology ecosystem
Within Serbia’s technology sector, the financing is presented as evidence that locally built companies can attract international financing structures typically associated with more mature ecosystems. It also points to diversification in Serbia’s digital economy beyond software outsourcing and IT services. The deal is described as supporting globally scalable intellectual-property businesses.
The timing coincides with growth in Serbia’s gaming industry alongside software development, artificial intelligence, and digital services. Studios based in Belgrade, Novi Sad, and other technology hubs are increasingly targeting international audiences rather than focusing only on regional markets.
With $20 million available for global user acquisition campaigns, Two Desperados is entering a phase focused on scaling its international market presence. The financing is framed as more than a standalone funding event for investors tracking Serbia’s position in the wider gaming ecosystem.
