Ngmoco a popular iPhone game development company has raised $25 million in additional funding and acquired Freeverse, according to a TechCrunch report.
Neil Young, the CEO of iPhone game startup ngmoco, wants to “amass enough scale” to accelerate “away from the pack.” He just raised a $25 million series C round and acquired Freeverse, another top iPhone game developer, to help ngmoco keep moving forward. The round was led by Institutional Venture Partners, and existing shareholders Kleiner Perkins, Norwest Venture Parters, and Maples Investments also participated. The new round brings the total raised to $40.6 million.
Ngmoco is behind iPhone games such as Eliminate and TouchPets. The company recently switched to a free-to-play model for its titles and relies on in-app purchases to generate revenue.
Freeverse’s games, such as Skee-Ball, Flick Fishing, Flick Bowling, and Moto Chaser, are all paid apps. Young says he plans to move the Freeverse games over to the free-to-play model as well.
“On any given day, you have about 2% of your audience paying you money,” he says. Ngmoco and the Freeverse team to each expected to release about 20 new game titles this year.
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Neil Young, the CEO of iPhone game startup ngmoco, wants to “amass enough scale” to accelerate “away from the pack.” He just raised a $25 million series C round and acquired Freeverse, another top iPhone game developer, to help ngmoco keep moving forward. The round was led by Institutional Venture Partners, and existing shareholders Kleiner Perkins, Norwest Venture Parters, and Maples Investments also participated. The new round brings the total raised to $40.6 million.
Ngmoco is behind iPhone games such as Eliminate and TouchPets. The company recently switched to a free-to-play model for its titles and relies on in-app purchases to generate revenue.
Freeverse’s games, such as Skee-Ball, Flick Fishing, Flick Bowling, and Moto Chaser, are all paid apps. Young says he plans to move the Freeverse games over to the free-to-play model as well.
“On any given day, you have about 2% of your audience paying you money,” he says. Ngmoco and the Freeverse team to each expected to release about 20 new game titles this year.
Read More