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Simraceway dev raises another $5m in funding

Wed 08 Feb 2012 10:09am GMT / 5:09am EST / 2:09am PST
BusinessDevelopment

New investment takes total funding to $17.5 million

Ignite Game Technologies has closed a $5 million round of series C funding from existing and new investors.

The San Francisco-based developer is working on Simraceway, a highly realistic online racing simulation that entered public beta in November last year.

The new funding takes Ignite's total investment since it was founded in 2008 to $17.5 million. One of the company's key investors, Dave Marrs, will now join the board of directors.

"Simraceway is still at an early stage in its development but it's already experiencing unprecedented interest and consistent growth," said Marrs in a statement.

"We view the popularity of the game not only as a reflection of the long-predicted explosion in online gaming, but also as a testament to the bold and innovative strategy pursued by Ignite's team."

The money will be used to continue development of Simraceway, and realise founder Jonathan Haswell's vision of, "charting a new course for the [racing] genre."

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