Mobile Game Startup Scopely Raises $35 Million
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Scopely, a mobile game publishing startup, has raised $35 million in financing to produce new titles and invest further in building out the technology behind its games distribution network, the company said on Thursday.
The Culver City, California-based startup, which was founded in 2011, has delivered a handful of games such as "Mini Golf MatchUp," which ranked among the top 5 games on Apple Inc's app charts. Scopely makes its own games and also funds and publishes games made by other game studios.
The funding round was led by a joint venture comprising the investment firm TPG Growth that has also invested in ride-sharing company Uber, investment bank Evolution Media Capital and entertainment company Participant Media. Take-Two Interactive Software Inc, known for its popular "Grand Theft Auto" game, also participated.
"The new infusion will accelerate what we're already doing and enable us to increase the velocity of development that we're doing with a number of different studios," Chief Executive Walter Driver said in an interview.
"We'll be able to compete with the larger companies in the interactive entertainment space that have significantly more capital than we have."
Scopely previously raised $8.5 million in 2012. Existing investors Greycroft Partners, the Chernin Group and Sands Capital Ventures also invested in the $35 million funding round along with other new participants venture capital firm Highland Capital Partners and former AT&T chief executive David Dorman's Knoll Ventures, the company said.
Scopely doubled its revenue in the last six months after growing more than 300 percent last year over 2012, Driver said without providing specific details.
The company, which has 100 employees and recently hired executives from Disney and video game company Electronic Arts, will continue hiring new talent, Driver said.
(Reporting by Malathi Nayak; Editing by Gopakumar Warrier)