Three Rings secures $3.5 million 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.