Free-to-play casino games specialist Dragonplay has unveiled a $14 million strong funding round led by Accel Partners.
Dragonplay, which already enjoys a strong base on Android but is currently in the process of making the leap to iOS, has suggested the money could be used to make acquisitions, with the Tel Aviv-based outfit looking to broaden its library.
Android first
Accel has previously invested in the likes of Rovio, Playfish, Gameforge and Mindcandy, with lead investor Adam Valkin stating Dragonplay's strength is that it chose to grow out of Android first rather than iOS, allowing it to steal a march on its rivals.
"We've seen some massive companies emerge in the [casino games] space," said Valkin, who will join Dragonplay's board as part of the deal.
"Android is an important frontier and a very fast-growing platform. What's interesting about this category is that has massive appeal, the kind that early Zynga games have. And it has high engagement and monetisation rates.
"We look at what the companys achieved in terms of audience and revenues without having spent any money on marketing."
The firm's top title Live Holdem Poker already boasts more than 12 million installs across Android and Facebook and 2 million monthly active users (MAUs), with the game enjoying a 2 to 2.5 percent conversion rate on Google's platform.
Tapjoy's incentivised installs boost that rate to 4 percent.
Expansion, expansion, expansion
Other games released in the last 12 months include Live BlackJack, Farm Slots and Sea Battle.
Dragonplay founder Sharon Tal has claimed further titles will be launched across Android, iOS and Facebook as a result of the investment.
Money will also be used to expand the studio's team, which is currently 23 employees strong. In particular, Dragonplay will focus on gaining a share of the lucrative social gaming market in Asia.
Other investors in the funding round included Founder Collective and Entrée Capital.
[source: Inside Mobile Apps/VentureBeat]
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