How AppQuantum’s $10m fund looks to bet on ambitious indie studios with a long-term mindset

• Long-term partnerships rather than one of deals are the key to building successful studios and games.
• Selecting the right teams involves balancing experience, adaptability and a clear focus on what it is they do best.
• Reflection and learning from past failures are critical for sustainable growth.

Earlier this year, AppQuantum announced a new strategic fund to invest in teams and the people behind the games they create.

Supported by AppQuantum VC - a newly launched $10 million fund dedicated to early-stage mobile game studios - the initiative aims to provide not only funds but also the company’s expertise. For founder Evgeny Maurus, speaking to PocketGamer.biz, it’s the next logical step in AppQuantum’s approach to sustainable, developer-focused growth.

He describes the fund as an evolution rather than a shift in direction, as the company has always looked toward relationships that go beyond one-off publishing deals. 

“We’ve always been looking for long-term partners, people we can invest time and resources in to build on each other’s strengths and create projects that could grow into billion-dollar businesses,” he says.

“Yes, we can work as a classic publisher, but the fund isn’t just about investing. It’s about building relationships with a future-oriented mindset, planning work together, and clearly understanding the strong and weak sides of each partner.”

Maurus goes on to explain that this is “not the traditional VC model” and that, usually, the venture capital model sees risk spread across dozens of studios. This fund, he says, works with a smaller circle of aligned partners.

“Our strategy is to find like-minded partners and commit fully so that they succeed - and so do we.”

This approach is intentionally collaborative, with Maurus saying that every partnership strengthens the wider network. “The more partners we work with, the more shared insights we get - all of them available to the teams we back.”

Market reality 

For Maurus, the decision to launch the fund is about timing. He explains how the market has been much more competitive and that “our research showed that indie studios are in an especially tough spot”. He goes on to explain that last year, indies released hundreds of times fewer profitable projects than larger players, and that the market is consolidating around big companies.

This reality has shaped the fund’s structure where Maurus wants to identify a select group of studios and commit resources for the long-term.

“Ideally, we’re looking for five to 10 teams we can invest heavily in and help grow by providing resources, without limiting ourselves to a single try,” he explains.

“We think long-term, knowing that it might not work on the first try, and that’s what makes us different from traditional venture models. We want more ambitious indie teams with a real hunger to build catchy and polished gameplay.”

What makes a great partner

So what does the right partner look like? Maurus tells us that there’s no single archetype for the “perfect” studios, but experience, adaptability and focus matter.

“The studios I personally admire the most are usually the ones that have been working independently for years, surviving on their own resources,” he says. “That sparks an entrepreneurial spirit, and in today’s market, you can’t make games without it.”

Maurus notes that the entrepreneurial streak needs to come with the pragmatism to pivot quickly and to be able to “drop one idea and move to another”, a skill he says only comes with experience and time on the market. 

He explains that he also prefers to come in ideally as the first investor to give the studio breathing room while avoiding the dilution that often follows multiple rounds of funding.

“If the partnership works, we’ll try to cover all of the studio's needs, including additional investment that may be needed as it grows,” he explains. “Our goal is to fully support the studio while keeping control with the founder.”

While team size varies, Maurus finds that mid-sized groups tend to strike the right balance between speed and structure.

Another important aspect for Maurus is that each studio needs to be “truly good at something”, be it strong game design, a sense for trends, or a refined understanding of player look and feel. The latter is something Maurus says is especially important as games without polished gameplay have fewer chances to succeed today.

Failure, he argues, can be just as telling as success, as success can blind you because you celebrate and tune out feedback, whereas failure “teaches you to listen and to adjust,” something Maurus says he has been through himself. “I’ve made a few expensive mistakes that taught me more than successes ever could.”

Maurus states that overall, AppQuantum looks for founders who match their own persistence.

“We don’t offer a silver bullet,” he says. “Money alone doesn’t bring success. It’s about always looking for solutions, even where none seem to exist - learning, experimenting, failing and getting back up, again and again.”

Avoiding pitfalls

With many years of experience supporting developers, Maurus has seen where many studios have stumbled and it often starts with chasing trends without truly understanding the market. 

“Teams see where the money is, try to jump in, invest, and then face disappointment when revenue doesn’t come,” he says.

“They assume there’s no money in this niche and give up. In reality, many simply don’t understand how the market works, what kind of team you need, what skills are required to succeed.”

He points out that success doesn’t often come from a single factor like genre or visual style. Instead, it’s about alignment between ambition and capability. “Can you operate it long term? Can you build content fast enough, balance the economy, handle server load, and design competitive mechanics?” Maurus asks.

Reflection, Maurus believes, is the most powerful tool a studio can develop. “Look at what you’ve done before, what worked and what didn’t. Minimise the impact of mistakes, double down on the strengths. That’s where the foundation of a hit game is built.”

Looking ahead

AppQuantum VC is leaning into the company’s area of expertise, idle, hybrid casual and midcore, while leaving space to experiment with new blends and mechanics.

“You don’t need to reinvent genres from scratch, sometimes it’s enough to blend related genres, add a new twist or bring gameplay to a new level,” Maurus says.

Ultimately, Maurus is betting on relationships.

“If there’s a strong team and a good idea, we’re ready to invest,” he says. “We’re not betting on a numbers game where one out of dozens becomes a hit. We commit because we believe in what we do and we understand that magic doesn’t always happen overnight.”

Meet with investors and publishers at Pocket Gamer Connects London 2026 on January 19th to 20th.