From the Wires
PlayHaven Raises $8 Million in New Financing From Leading Expansion-Stage Investors
Investment Fuels Momentum for PlayHaven's Market-Leading Mobile Games Management and Monetization Platform
By: Marketwired .
Nov. 13, 2012 11:00 AM
SAN FRANCISCO, CA -- (Marketwire) -- 11/13/12 -- PlayHaven, a leading provider of relationship management and monetization solutions for mobile game developers, today announced it has closed an $8 million round of financing. The round was led by GGV Capital with participation from existing investors including e.ventures, Tandem Entrepreneurs and individual investors. Hany Nada, a founding partner at GGV Capital, will join PlayHaven's board of directors.
PlayHaven's investors understand the need to take the business of mobile gaming seriously. As its newest investor and board member, GGV Capital will bring a wealth of knowledge to PlayHaven with a portfolio of proven successes including Buddy Media, Cocoa China, Glu Mobile, Pandora, Square and WildTangent.
"PlayHaven's mission is to build the ultimate business engine for mobile games and give developers the power to maximize revenue with industry-leading user acquisition, engagement and monetization solutions," said Andy Yang, chief executive officer at PlayHaven. "This new funding allows us to aggressively accelerate our growth in new markets and invest in product innovation, and we are thrilled to partner with GGV Capital as we build out a robust and global platform."
PlayHaven intends to use the funds to accelerate the development of new consumer insights features, which will allow game developers to optimize, monetize and maximize the lifetime value of their titles through sophisticated player lifecycle management tools. The funds will also be used to extend PlayHaven's global footprint into Europe and Asia.
"PlayHaven addresses a fundamental challenge in the mobile gaming industry, which is how developers and publishers transition their successful games into successful businesses," said Hany Nada, founding partner of GGV Capital. "PlayHaven's traction with mobile game developers is impressive and we believe the company has what it takes to realize its global ambitions and lead the marketplace with a world-class business management platform for mobile games. We're excited to be a part of the story."
Since May of 2010, PlayHaven has empowered mobile game developers to orchestrate the business of their games with tools to acquire, retain, monetize and re-engage players. PlayHaven has served thousands of industry-leading game developers and publishers including Glu, Game Circus, Natural Motion, Namco, Sega, Playtika and more.
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