#15¹ FEATURE BY FEATURE BY GDEV Y Beyond the Game: How Gamification is Becoming Mainstream RncL invest

2 FEATURE BY GDEV • Gamification has become a buzzword: gaming mechanics (streaks, progression systems, leaderboards) now drive consumer app engagement and monetization—proven in Duolingo, Noom, Strava—yet limited coverage exists • Our 5-year period transaction analysis of $20.7B across 208 transactions reveals capital deployment patterns, exit opportunities , and strategic buyer activity across three verticals: EdTech, Fitness & Wellness, and Entertainment & Social TOTAL DEAL ACTIVITY EDTECH (~40% deal value) 2020 – 2025 YTD BUSUU DYJu s codecademy The Learning App INVESTMENTS (VC, PE & CVC) $9.0B 159 Kahoot DEAL VALUE # OF DEALS FITNESS & WELLNESS (~37% deal value) EXITS (M&A and IPO) AVIRON cult.fit 2. FIGHT fitbil headspace $11.7B 49 CAMP DEAL VALUE # OF DEALS NOON STRAVA yu life ZWIFT METHODOLOGY ENTERTAINMENT & SOCIAL (~23% deal value) Analysis covers B2C consumer-focused non-gaming apps with explicit gamified features (e.g., streaks, XP, DASHVERSE eloelo leaderboards, progress bars, rewards loops) loops) ROAR Disclaimer: This is InvestGame's first-ever analysis of the gamified B2C apps sector. We welcome corrections, additional

3 FEATURE BY GDEV • Non-gaming apps for the first time have surpassed mobile games in net revenue in Q2'25 (21.2B vs. 19.8B), being the major driv er of mobile spend growth at 24% YoY, while games stagnated • The structural shift in mobile apps underscores our analysis: understanding where institutional capital flows and which verticals attract strategic buyers in this converging landscape WORLDWIDE CONSUMER NET IN-APP PURCHASE SPEND ON MOBILE ($B) 25,0% 27,5% 28,2% 24,2% 24,1% 3,1% 0,5% 0,0% -2,5% 0,5% 21,2 19,7 19,9 19,1 19,7 19,5 19,8 19,8 18,1 17,0 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Apps * Games Apps' YoY Growth, % Games' YoY Growth, % Note: (*) “Apps” includes non-gaming apps from Sensor Tower’s analysis

> **[Chart page]** This page contains visual data — view in PDF for the best experience. 4 FEATURE BY GDEV • Investment in gamified consumer apps peaked during the 2020-21 COVID boom, similar to overall consumer software cycles (including games) • However, unlike game developers/publishers, gamified apps recovered quickly: modest 2022 -23 correction followed by 2024 stabiliz ation – 2025 YTD already exceeds full-year 2024, showing consistent momentum • Strong activity in both seed and late-stage deals, with late-stage accelerating in 2025, following strong Series A activity a couple of years back PRIVATE CAPITAL RAISED BY ROUND TYPE ($M) NUMBER OF INVESTMENTS BY ROUND TYPE 5 897 30 28 1 719 25 21 828 20 17 5,769 1,677 710 275 15 8 10 12 10 10 149 127 220 4 6 4 8 112 57 45 60 5 7 6 2 2 26 61 80 24 2 17 24 43 41 - 2 2020 2021 2022 2023 2024 2025 YTD 2020 2021 2022 2023 2024 2025 YTD Pre-seed & Seed Series A Late-stage Pre-Seed & Seed Series A Late-stage

> **[Chart page]** This page contains visual data — view in PDF for the best experience. 5 FEATURE BY GDEV • EdTech leads by deal volume (43% of total), validating gamified learning as a scalable and sustainable model. Investment is h ighly concentrated in a few flagship companies, but momentum persists, as recent late-stage deals show ongoing institutional interest • Fitness & Wellness translated gamification into daily, sticky habits. The segment is less concentrated, with substantial capital spread across a broader array of platforms and sub-verticals, highlighting opportunity beyond top brands • Entertainment & Social sees steady, diversified investment – smaller check sizes signal early-stage category experimentation PRIVATE CAPITAL RAISED BY SEGMENT ($M) NUMBER OF INVESTMENTS BY SEGMENT 5 897 2 000 20 18 1,265 1 500 1,698 15 14 16 1 719 1 000 751 828 10 10 9 10 9 6 9 500 320 2,934 256 5 8 7 5 6 648 46 149 127 275 3 4 5 5 526 45 74 67 - 65 167 0 2020 2021 2022 2023 2024 2025 YTD 2020 2021 2022 2023 2024 2025 YTD EdTech Entertainment Fitness & Wellness EdTech Entertainment Fitness & Wellness

> **[Chart page]** This page contains visual data — view in PDF for the best experience. 6 FEATURE BY GDEV • EdTech dominates exits: 45% of deals volume and 34% of value – signals segment maturity with strategic buyers consolidating the sector; B2C gamification is now essential vs. optional • Fitness & Wellness: almost all segment’s exit value concentrated in two mega -deals (Headspace 3B, Fitbit 2.1B) – remaining exits are small/mid-cap opportunities • Entertainment & Social: $2.5B exits favor IPO path (Reddit, NetEase Cloud Music) over M&A – signaling limited strategic buyer appetite M&A & IPO DEALS VALUE BY SEGMENT ($M) NUMBER OF M&A & IPO DEALS BY SEGMENT 2 500 7 820 14 2 000 5,116 12 10 5 1 500 2 793 108 1 3 7 8 1 000 796 1,022 1,063 6 4 2 1 6 270 4 4 4 2 500 525 1,682 187 1,700 2 5 6 5 2 2 39 37 1 3 2 - 147 - 1 2020 2021 2022 2023 2024 2025 YTD 2020 2021 2022 2023 2024 2025 YTD EdTech Entertainment Fitness & Wellness EduTech Entertainment Fitness & Wellness