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Three Rings secures $3.5 million funding

Thu 06 Mar 2008 10:47am GMT / 5:47am EST / 2:47am PST

Puzzle Pirates developer Three Rings has secured USD 3.5 million in venture funding.

Puzzle Pirates developer Three Rings has secured USD 3.5 million in venture funding.

The casual games outfit is currently working on a social networking game world, called Whirled, which is in its alpha testing phase, according to a report on Venturebeat.com.

Although Puzzle Pirates launched with a subscription business model, it changed to a microstransactions model and now has an estimated 3 million users, with the firm generating USD 4 million in revenue in 2007.

The funding was secured last summer and comes from True Ventures and Chance Technologies, as well as existing investors.

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