Yodo1 Raises $11M in Series B Funding - Read the News on TechCrunch!
Today we’re very proud to announce that we’ve raised $11 million in Series B funding led by GGV Capital, along with Pavillion Capital, Iris Capital, and Singtel Innov8 (which led the last round). You can read the news in this great post by Kim-Mai Cutler on TechCrunch, who explains how this money will help us expand our co-publishing model into the rest of the world, especially Japan and Korea, which are the best markets for mobile game monetization. As Kim-Mai notes:
Through their 30 published games, they reach about 90 million monthly actives in China and are adding about 10 million users per month. After signing deals with developers like Cut The Rope-maker Zeptolab and Germany’s HandyGames, they started to take their model to South Korea, with a local studio in Seoul that just opened up. The company will use the funding to expand its model to Japan and Korea, which are the biggest markets in the world by revenue for Google Play developers.
Read the official press release below — and stay tuned for more big Yodo1 news soon!
December 10, 2013 13:01 ET
Mobile Game Publisher and Platform Provider Yodo1 Raises $11M in Series B Financing Led by GGV Capital
New Funding to Accelerate Global Growth in Top Smartphone Markets
SAN FRANCISCO, CA and BEIJING, CHINA–(Marketwired – Dec 10, 2013) - Yodo1, Beijing-based publisher and platform provider for mobile games, today announced $11 million in Series B financing led by GGV Capital, a leading venture capital firm that invests in the US and China. Singtel Innov8 along with new investors Pavillion Capital and Iris Capital joined the round. The company has raised $18 million since its founding in 2011.
One of the first platforms to help Western mobile developers crack the 500 million+ mobile game market in China, Yodo1 will use the funding to strengthen its core business and support strategic expansion into the world’s top smartphone markets. The company will initially focus on Japan and Korea, ranked first and second, respectively, for Google Play mobile revenue by country. Like China, both countries are difficult for outside developers to penetrate due to language and cultural barriers, native social network ecosystems and differing monetization models. As a first step in its expansion, Yodo1 has established a new production studio in Seoul to extend its co-production publishing model in the Korean market.
“Our games studio partners have been quick to embrace our co-development model and have grown with us to reach an active user base of more than 90 million mobile gamers in China, up 750% from 2012,” said Yodo1 co-founder and CEO Henry Fong. “Now we’re ready to tackle the world with globally-tuned investors and developers who are eager to expand with us into new markets.”
With over 30 chart-topping games over the past year and more than 10 million new users per month, Yodo1 is poised to accelerate growth momentum by expanding to global markets, in addition to its continued growth in China, where the smartphone market is projected to reach a 800 million install base in 2014.
“The convergence of mobile Internet across global markets represents a dramatic growth opportunity. Yodo1 recognized this early on in bringing together Western developers and Asian gamers. Today they are in a unique position to leverage this trend to expand throughout Asia and to other top smartphone markets around the world — and we are proud to invest in their growth,” said Jenny Lee, partner, GGV Capital.
Yodo1 is a leading publishing platform, which helps mobile game developers gain traction and monetize throughout China and the world. Staffed by a team of experienced engineers, creative artists, game designers, and global market experts, Yodo1′s platform includes Kryptanium, an in-game community SDK for developers who want to sustain growth and engagement. Yodo1 has co-developed a number of hit games featured on Apple’s App Store, Google Play, and China’s top Android app stores, including Cavemania from Bonus XP (Texas), Cut the Rope: Time Travel from ZeptoLab (Russia), Powder Monkeys from XMG Studio (Canada), Ski Safari from Defiant Development (Australia), and Clouds & Sheep from HandyGames (Germany). Founded in 2011, Yodo1 is based in Beijing with a presence in San Francisco and Shanghai. For more information, please visit www.yodo1.com and follow Yodo1 on Twitter at https://twitter.com/yodo1
- Media Contact: Vanessa Camones and Aaron Colter, theMIX agency for Yodo1: yodo1 at themixagency dot com