Kabam Receives $120 Million in Funding from Alibaba Group
Mobile and social game company Kabam has announced its partnership with Alibaba Group to bring Kabam’s titles to mobile gamers in China. As part of the partnership, Kabam will receive an investment of $120 million from the Alibaba Group.
Kabam has focused on the Asian market for some time now, creating its $50 million Worldwide Developers Fund in 2013, to bring games from Asian developers to Western audiences. In addition, the company opened its Beijing office four years ago, where The Hobbit: Kingdoms of Middle-earth and Kingdoms of Camelot: Battle for the North were developed. Both of these games have generated more than $100 million in revenue each.
“Alibaba is committed to collaborating with great games companies like Kabam to deliver captivating digital entertainment offerings to our users,” said Patrick Liu, president of Alibaba Group’s digital entertainment business unit. “The Kabam team has a track record of innovation and a strong entrepreneurial spirit, and this is exactly the type of company we want to support.”
Kabam has recently announced the development of multiple mobile games using big-name licenses. The company has partnered with Warner Bros. Interactive Entertainment for games based on The Lord of the Rings and Mad Max, with Lionsgate for a game based on The Hunger Games, and with Marvel for Marvel: Contest of Champions.
“Truly successful games companies have to be globally successful,” added Kabam CEO Kevin Chou. “This strategic collaboration with Alibaba provides Kabam the resources, infrastructure and distribution to help bring our current and future durable franchise games to China and elsewhere in Asia and make an immediate impact.”