Scopely raises $60m with injection from AOL founding team
Company behind The Walking Dead: Road to Survival has grown its revenues nine-fold in nine quarters
Mobile entertainment firm Scopely, which has a network of over 125 million users thanks to titles like The Walking Dead: Road to Survival, WWE Champions and Wheel of Fortune Free Play, has raised a significant sum of money with the help of AOL's founding members. Revolution Growth, operated by former AOL executives, Steve Case, Donn Davis, and Ted Leonsis, led a $60 million series C funding round, with participation also from Greenspring, Sands Capital Ventures, Cross Creek Advisors, and Pritzker Group Venture Capital.
Scopely said the injection of money comes at the perfect time for the company since it's been consistently growing. Scopely's revenues have jumped up nine-fold over the last nine quarters. The capital will help with "strategic investments, commercial partnerships and acquisitions."
"Closing less than 12 months after our Series B financing, Scopely's new $60M Series C financing is a great validation of the company's momentum over the last year and because the company has already reached profitability this capital infusion will enable us to expand the business through inorganic means while we continue to execute on our path of organic growth in parallel," commented Walter Driver, CEO and co-founder of Scopely. "The opportunity to work with the founding team of AOL is extremely exciting for us as they have a long history of operating at the intersection of technology and media."
"Scopely has built a unique and powerful platform to successfully develop, market, and monetize free-to-play mobile games," said Donn Davis, who's joining Scopely's board as part of the deal. "Their platform uses data and analytics to systematically produce #1 games that are great to play for fans and top producers for its brand partners."
Scopely boasted that its Walking Dead mobile game generates nine-figure annual revenues and has been played by more than 40 million people. It's newest release, WWE Champions, was downloaded more than 10 million times in its first month, and Scopely said it's been a top-grossing title.