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ngmoco buys Freeverse, completes $25m funding

By Matt Martin

Tue 23 Feb 2010 8:28am GMT / 3:28am EST / 12:28am PST

iPhone publisher snaps up 5 million-selling App developer

iPhone publisher ngmoco has acquired developer Freeverse and completed Series C funding to the tune of $25 million.

Freeverse will help the publisher change its business model as it shifts towards free-to-play, with the developer announcing last week it has sold over 5 million games for the iPhone and iPod Touch.

"We've been thinking about how to accelerate our strategic growth though acquisitions of companies and intellectual property, and Freeverse was really at the top of our list," ngmoco CEO Neil Young told Gamesutra.

The ngmoco business is focusing on a free-to-play business model, charging users to buy additional content for games they have downloaded from the App Store.

According to Young, the move is "really about trying to get to scale as quickly as possible with the 'freemium' strategy, and one way is to acquire the companies we think have the right blend of talent and DNA and intellectual property we think will work well in the freemium space."

Freeverse hits include NBA Hotshot, Skee Ball and Flick Sports, and it was one of the first studios to incorporate ngmoco's Plus+ suite of game features.

The latest round of funding comes from Institutional Venture Partners, who's general partner Sandy Miller will join the board. Previous investors Kleiner Perkins Caulfield & Byers, Norwest Venture Partners and Maples Investment are took part.

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