IGG funding
$10 million of Series B dosh raised.
December 8, 2008 – IGG Inc. ( www.igg.com), the leading online game publisher/operator, today announced that the company has closed a Series B round of financing from two prominent venture capital firms and an existing investor.
The privately owned online game company did not disclose specific figures of the financing, but COO Kevin Xu said the funding was “in excess of $10 million” and was led by Vertex Group and joined by Hearst Interactive Media and IDGVC.
“The global experience of Vertex will greatly bolster our international capabilities, and Hearst’s vast connection in the media world is the perfect support that we need to expand our business globally. It’s great to have our original funding partner IDG on board again as well.” said Kevin Xu. He added that the new funds will be used to expand sales and marketing into Asia and Europe, to establish strategic partnerships with developers and publishers worldwide, and to further the development of more innovative and entertaining games in house. Furthermore, the funds will be used to explore more regions and reach out to players of different languages.
Dedicated to serve worldwide players with the best multiplayer online games, IGG Inc. launched its first MMORPG in May 2006. Since then, IGG has successfully released and operated 8 MMORPGs through www.igg.com. With over 8 million registered users as of Q4 2008, IGG has established its reputation as a world-class publisher rising to meet the demand of players of different ages, culture and favors.
“IGG has a unique differentiated business model and a very strong and experienced team.” said Mr Chua Kee Lock, Group President & CEO of Vertex Group. “We are very excited with the investment in IGG and we look forward to working closely with the company and bring it to a greater growth as it expands its business and geographic presence,” added Mr Chua Kee Lock.
About Vertex Group
Vertex Group, based in Singapore but with offices in China, US and Israel, is a leading global venture capital firm with over 20 years of experience in the business. It has invested in many successful companies including China Finance Online, Paypal, Creative Technology, NewPort/Broadcomm, Transmedia/Cisco, Gemalto, MediaRing, Spreadtrum Communications, MindTree Consulting and others.
About Hearst Interactive Media
Hearst Interactive Media, a unit of Hearst Corporation ( www.hearst.com), manages a portfolio of strategic investments in development-stage companies focused primarily on emerging media and interactive technologies. Throughout the Corporation, Hearst Interactive Media provides strategic guidance and advocacy for a wide range of technology-driven operational and development activities. Hearst Corporation is one of the nation’s largest diversified media companies. Its major interests include ownership of 16 daily and 49 weekly newspapers, nearly 200 magazines around the world, including Good Housekeeping, Cosmopolitan and O, The Oprah Magazine; 29 television stations through Hearst-Argyle Television (NYSE:HTV), which reach a combined 18% of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, History and ESPN; as well as business publishing, including a minority joint venture interest in Fitch Ratings; Internet businesses, television production, newspaper features distribution and real estate.
About IDGVC
IDG Technology Venture Investment (IDGVC Partners) was founded in 1992 with offices in Beijing, Shanghai, Guangzhou, Boston, and the Silicon Valley. As one of the earliest American venture capital firms to enter the Chinese market, IDGVC Partners has established a leading role in the industry with an aggregate of US$2.0 billion capital under management.
IDGVC Partners invests in early-to-growth-stage companies with focus on hi-tech related sectors such as the Internet, telecommunications, wireless communications, digital media, IC, and life science. It has an investment portfolio of 100 start-up companies, including CTrip, Sohu, Baidu, China Finance Online, Tencent, and Kingdee, 30 of which have completed public offerings or successful mergers.