$18 million extra funding for PapayaMobile
Android-based gaming social network looks to China for future growth
Chinese mobile developer PapayaMobile has received $18 million in a second round of financing, led by Chinese venture capital firm Keytone Ventures and original financer DCM.
The firm's Android-based gaming social network already boasts 15 million users, with current growth rates at 375 per cent after less than a year since launch.
The company's HQ is in Beijing but its early focus has been on Western markets, although it will be focusing more on the Chinese market as a result of the new funding.
PapayaMobile also licenses a social SDK (software development kit) for mobile social networks and mobile gaming middleware, which is currently used in over 350 titles.
"Android growth in China over the next two years will be staggering," said Joe Zhou, founder and managing partner of Keytone Ventures.
"Couple this growth with the monetisation potential of mobile games in China and we believe PapayaMobile is well positioned to be the leader in social gaming platforms for the largest mobile market in the world," he added.