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Animoca raises funds from Intel Capital and IDG-Accel

Smartphone games developer plans new apps with tens of millions of dollars in fresh capital

Financial trends and news by Ane Howard
November 15, 2011 | Comments
Short URL: http://vator.tv/n/218e

Hong-Kong-based Outblaze Ventures Holdings Limited, commonly known as Animoca, announced
Tuesday that it's raised an undisclosed amount of Series A funding from Intel Capital and IDG-Accel.  

David Kim, CEO and co-founder of Animoca, would not disclose the amount raised, saying to me: "I can say that the total sum is in the tens of millions of dollars (US)."

With the new funds, Animoca plans to increase production of its apps and market them agressively. Already the company has had great success with its 150 existing apps. Since beginning operations in January 2011,  its apps have been downloaded over 40 million times worldwide, led by the popularity of its "Pretty Pet” series of games (Pretty Pet Salon, Pretty Pet Tycoon, Pretty Pet Pony, and others).  It also operates  Dream Cortex, a digital studio in Hong Kong, and Baby Cortex, which specialises in edutainment apps for children.  

"The investments, in the tens of millions of dollars, by Intel Capital and IDG-Accel do not add any new products to our catalogue, but they do allow us to increase our already considerable rate of app production. In the future, we will consider various options such as strategic tie-ins with our partners and investors," said Kim.

On Facebook, Animoca products are doing quite well and is a major focus of interest for the company. Its most popular titles Who Loves You More, Daily Luck Meter, My Friend Map, and Speed Club have attracted the following of several millions active users.

Animoca sells direct to consumers on both Android and iOS devices.

"The company currently has double-digit millions of USD in the bank. Animoca is profitable and has been for a few months. We expect our growth rate to increase, as mentioned earlier. We have increased our revenues more than four-fold over the figures from February 2011,” said Kim.

Coming to the U.S.

'With a U.S. team already in place, the company plans to open a permanent office in the San Francisco Bay area," said Kim.  

And to put things in persepective, the apps marketplace or  “App Economy” doesn't show any signs of slowing down either. University of Maryland, School of Business reported last September that the App Economy  added ``at least 182,000 new jobs and contributed more than $12.19 billion in wages and benefits to the U.S. economy in 2011.`` And Apple announced in July that  in just three years, its store had downloaded 15 billion apps worldwide. 

Intel’s global investment invests in innovative technology start-ups and companies worldwide ranging from manufacturers of semiconductor, to hardware, software and cleantech.

IDG-Accel were among the first to bring foreign venture capital investment into China in the early 1990’s. It has invested in over 200 companies including Baidu, Sohu, Tencent, Soufun, Ctrip,Home Inns, Hanting and Kanghui. 

Each of the two new investors will have one seat on the board of directors, bringing the number of directors up to five. 

Main image (Animoca™)

Big image (PrettyPet Salon)

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