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KLab raises $9.3 million from new investors

KLab raises $9.3 million from new investors

Fri 19 Jul 2013 8:49am GMT / 4:49am EDT / 1:49am PDT
MobilePublishingDevelopment

Japanese mobile firm raises capital from two sources, poised to start marketing push

The Japanese mobile developer KLab has raised $9.3 million from new investors.

According to the market analyst Dr. Serkan Toto, the money is from two sources: 660 million from the VC firm Oak Capital Corp., and 270 million from a deal with Hakuhodo, one of the most influential marketing and advertising companies in Japan.

The money will principally be used to promote KLab's games - the most famous being the card-battle title, Lord of the Dragons - a matter on which Hakuhodo is well positioned to offer advice.

And the investment is timely for KLab, which has struggled over the last year: for the period between September 2012 and May 2013, the company recorded a loss of $7.7 million.

According to Toto, KLab's stock-price rose 24 per cent in the hours following the announcement.

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