Player X raises major investment of $10 million for growth
January 18th, 2007 - Mobile media company Player X has announced a second round of venture capital funding raising £5 million ($9.85 million) for rapid expansion and to accelerate its global content strategy across mobile TV, video and games.
This second round of funding includes new investment from venture capitalists Nordic Venture Partners and Long Acre Partners as well as further investment from original investors Arts Alliance.
The funding follows the company's first round of funding in October 2005 that included investment from venture capitalist Arts Alliance and sports rights company Bullion International, a company founded by Fox Kids Europe founder Ynon Kreiz.
"This is great news for the company and takes us to the next stage of growth. Having Nordic Venture Partners and Long Acre Partners on our board underlines how far we have come since our first round of funding. In less than two years the company has become a leading publisher and distributor of games and a pioneer in the emerging mobile video and TV markets - and this investment is key to this area," said Tony Pearce, CEO of Player X.
The news follows Player X's recent success in publishing and distributing mobile games as well as the increasing impact of its emerging mobile video division. In December last year the company launched its mobile TV channel geekTV with UK operator 3 UK, a channel that has exceeded all revenue expectations.
"We met with many mobile content companies but what excited us about Player X was not only its impressive games business, but its leadership in mobile video. We're confident the company will continue to make giant strides in both areas," said Larry McDonald, Partner at Nordic Venture Partners.
In 2006 Player X published the exclusive mobile game of that summer's Miami Vice movie and two of its game titles, Family Fortunes and Blockbusters have featured regularly in the ELSPA Mobile Games Top 10. Its mobile game of Oscar-winning film Wallace and Gromit: Curse of the Were-Rabbit was a global hit and helped the company make its mark in North America.
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Notes to Editors
About Player X
Player X is a mobile media company that specialises in games, video and TV. It develops, publishes and distributes mobile entertainment content through global operators, portals and handset manufacturers.
Player X has direct deals with more than 85 global operators and a potential audience of 1.8 billion people. The company operates in all five continents across the world and has offices in all the key territories in Europe, Asia and the Americas.