mobile games: Chukong’s funding reaches $83 million
Chinese mobile games developer Chukong Technologies has raised $50 million (€37 million) in its latest round of funding.
The firm generated $33 million during the first three rounds of funding, with the latest effort bringing its total funding so far to $83 million.
Private equity fund New Horizon Capital led the process, while previous investors GGV Capital, Steamboat Ventures, Northern Light and Sequoia Capital also participated.
Chukong said that it would use the cash to fund expansions into mobile game development and publishing as well as improving the software tools it uses to create games.
The firm has already created popular titles such as Fishing Joy, as well as the Cocos2D-x development engine.
“We welcome the continued support from our existing investors, as well as from New Horizon Capital,” Chukong chief executive officer Haozhi Chen said.
“Their investment is a strong endorsement of our past achievements and great confidence in our future growth potentials.”
Chukong said it generates approximately $12 million in gross revenue each month, with over one billion play sessions and 63 million monthly active users.
Although having made its name making games, Chukong has now identified further opportunities in offering its tools to other games creators.
“With the proliferation of smartphones across China and countries worldwide, we see a significant opportunity not only to publish polished games and entertainment content but also to provide tools for developers to access emerging mobile platforms and overcome challenges caused by device fragmentation,” Chen said.
“There is a bigger play here than offering discrete mobile game experiences, and that’s what we’re going to do after.”
The news comes shortly after Japanese telecommunications firm SoftBank and video game corporation GungHo Online Entertainment agreed a deal worth $1.5 billion (€1.2 billion) to purchase 51% of Finnish video game development company Supercell.