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Zeebo Inc. raises $17m in equity funding

Tue 30 Aug 2011 2:37pm GMT / 10:37am EDT / 7:37am PDT
Emerging Markets

Developing wireless console for emerging markets, due for launch in 2012

Aspiring platform holder Zeebo Inc. has raised $17 million in equity funding, according to an SEC filing.

The money will be used to fund the development of a "3G-connected digital entertainment and education platform" targeted at Asia, Latin America and other emerging markets.

Zeebo was originally announced as a cut-price games console at the San Francisco Game Developers Conference in 2009. It was funded by Qualcomm, and was scheduled to launch in Brazil that year.

"We've had a vision for a wireless videogame console targeted at the special economic and culturally relevant content needs in emerging markets for several years and we're excited to see Zeebo embark on this ambitious new venture," said Qualcomm's senior director of games and services at the time.

Zeebo Inc. is now working towards a 2012 launch for the platform.

1 Comment

Zeebo (founded as a Brazilian company, with headquarters in Campinas - SP) already got financing from BNDES (a 100% Brazilian government owned investment bank). The history of this company is sour (as can be read here (in Portuguese, though people who can read Spanish won't have difficulty going through the text)).

Platform itself is poor and was rejected by consumers during pilot tests. Main reason is that few people will choose a console with capabilities lower than Playstation 2 ones but with similar price tag. Not to mention the absolute lack of games.

Unless the idea is to conceive a completely new platform, with modern capabilities, this investment will be a complete loss to investors. Anyways, even if they come out with a new platform it will be a tough game for them to stay in the market without a portfolio of attractive games. Unless the idea is to get more and more government investments... (as it's said, (Brazilian) government money belongs to nobody so it's a kind of "finders keepers" business).

Posted:3 years ago

#1

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