PapayaMobile, a social gaming network on Android, has secured $18million in a round of Series B funding.
The round was led by Keytone Ventures, a venture capital firm inChina with a heavy investment focus on the mobile Internet industry(Analogix Semiconductor, Borqs), and DCM, a global venture capitalfirm with an investment focus on social networks and gaming (RenRen,Trion, RockYou, PlayFirst). PapayaMobile's latest funding will helpexpand the PapayaMobile developer ecosystem in both the U.S. andEurope, while strengthening the portfolio of PapayaMobile products.PapayaMobile hosts mobile games on its social network comprised ofover 15 million users and offers mobile developers the tools tobuild social gaming experiences with access to the social graph forgaming on Android & iOS.
"Since launching our Papaya gaming platform last year, we havehad over 350 applications integrated into our network, all of whichhave benefited from the viral capabilities of our social graph,"said Si Shen, CEO and Co-Founder of PapayaMobile. "As our momentumon Android continues to grow, our latest funding from KeytoneVentures, an expert in the Chinese mobile market, and DCM, a pioneerin the gaming and social network investment space, will help uscontinue to expand our social network across the globe."
"Android growth in China over the next 2 years will bestaggering," said Joe Zhou, Founder and Managing Partner of KeytoneVentures. "Couple this growth with the monetization potential ofmobile games in China and we believe PapayaMobile is well positionedto be the leader in social gaming platforms for the largest mobilemarket in the world."
PapayaMobile has experienced over 375 percent growth in its userbase since opening its social gaming network in June of 2010. Growthhas primarily been driven through games that have integrated eitherPapayaMobile's Social SDK or Papaya Game Engine.
More Information:
http://papayamobile.com
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