GDEV is a mobile and web game developer headquartered in Cyprus, best known for Hero Wars, a mid-core hero-collection RPG franchise that accounts for roughly 93% of total Bookings. Hero Wars, launched in 2016, lets players collect and upgrade heroes, battle enemies in PvP modes, and progress through an adventure storyline. The game exists in two distinct versions: a mobile version and a deeper PC browser version, each with separate development teams and monetization mechanics. GDEV's games are free-to-play, with revenue coming primarily from in-app purchases of virtual currencies and items, supplemented by in-game advertising. Hero Wars had 231K monthly paying users in 2025 at an average of $111/month per paying user — a high figure that reflects deep monetization mechanics and a loyal payer base. A notable feature of GDEV's model is that roughly 69% of Hero Wars Bookings come from players acquired in prior periods, with the average paying user active for about 29 months, making revenue relatively predictable. Beyond Hero Wars, GDEV operates a small but growing portfolio including Pixel Gun 3D, a FPS title with over 300M cumulative downloads, and Island Hoppers, a casual farming/puzzle game. GDEV's growth strategy focuses on deepening Hero Wars through live content updates, launching Pixel Gun 2 across mobile, PC, and console in 2026, and selectively acquiring European mobile gaming studios while preserving their operational independence.