New company name, faces and direction as Fuel raises $3.5 million
| Date | Type | Companies Involved | Size |
|---|---|---|---|
| Sep 23, 2014 | investment | Fuel Grantoo Middle East Venture Partners Rising Tide Fund | $3.5m |
The company previously known as Grantoo has rebranded, recapitalised and recruited to reposition itself for the future.
Now known as Fuel, it's operating as a service provider, working with mobile game developers to drive engagement, retention and monetisation through multiplayer features, tournaments and live events.
All to play for
In terms of funding, Fuel has raised $3.5 million from Middle East Venture Partners and Rising Tide Fund.
It's also significantly strengthened its team with the following hires:
- Shrikant Latkar, previously CMO at InMobi, becomes Fuel's chief revenue office.
- Jeremy Nusser, formerly VP of development at Playspan, becomes SVP of business development.
- Sega and EA producer Mike Upton is Fuel's new executive producer.
"Fuel has a very strategic position in the market as it is at the intersection of social and mobile gaming," said Walid Hanna, founder and managing partner of Middle East Venture Partners.
"We are very excited for our partnership and strongly believe Fuel has great potential of high growth."
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