FunPlus raises $74 million for mobile social game development
Mobile social game company FunPlus has announced it has raised an additional $74 million in Series B funding from Orchid Asia Group, GSR Ventures and Steamboat Ventures. The company’s offices in Beijing, San Francisco and Vancouver will use the funds to support the company’s growth, as well as develop and launch multiple new titles.
FunPlus was founded in 2010, and has doubled its revenue year-over-year since 2011, with free-to-play games such as Family Farm and Royal Story on Facebook, and Family Farm Seaside on mobile. The company was created with the goal of combining the “successful operational practices” of China-based developers, with the “artistry” of those in Europe and the US. Via this funding, FunPlus will target new markets with new games offering global appeal.
This funding takes FunPlus’ total funding to $87 million, after a $13 million Series A round in 2012.
“We are pleased that Orchid Asia Group, GSR Ventures and others have recognized our success and are coming on board at this time to accelerate our growth to the next level,” said Andy Zhong, CEO and co-founder of FunPlus. “This new round of funding will help us expand more quickly into new markets and to recruit and hire the best game development talent in the world.”
The company looks to add new team members to all of its offices, and aims to release two or three new games in 2014. Additional details about those games are currently unannounced.
“FunPlus is well-positioned to become one of the fastest growing developers in mobile social gaming,” added Richard Lim, Managing Director at GSR Ventures. “We firmly believe in the company’s worldwide growth strategy and the enthusiastic team they are building to bring fun to a constantly-growing worldwide community of gamers.”