Close
Report Comment to a Moderator Our Moderators review all comments for abusive and offensive language, and ensure comments are from Verified Users only.
Please report a comment only if you feel it requires our urgent attention.
I understand, report it. Cancel

Investment in Garriott's Portalarium totals $3.6 million

Thu 02 Jun 2011 4:05am GMT / 12:05am EDT / 9:05pm PDT
Business

UK and San Francisco companies back vision of Ultima creator

Richard Garriott's social business Portalarium has raised further funding, bring the total investment to $3.6 million this year.

The latest funding comes from m8 Capital in the UK, and San Francisco's Founders Fund.

"We are delighted to join Richard Garriott and the Portalarium team in creating the next great gaming company," said Joseph Kim, partner at m8.

"Richard is one of the giants of the industry. He's a proven entrepreneur and has been a driving force at each of the industry's major turning points. Richard's vision for the future of mobile and social gaming will result in a new generation of ground-breaking games."

The company has so far released a pair of card games for Facebook to refine its backend technology, but promises a more social take on Garriott's fantasy roots later this year.

"With m8 Capital and Founders Fund, we have the investment resources in place with two very key partners who are prepared to help us grow and scale our company to meet the opportunities found currently in social media and mobile platforms," said Portalarium CEO Fred Schmidt.

"m8 also provides an important international role as we shape our strategy for the European market while Founders Fund has been invaluable in keeping us solidly connected to the social media scene that has coalesced in the Bay Area."

Login or register to post

Take part in the GamesIndustry community

Register now