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ngmoco lands second round of funds in nine months

Venture capitalists clamour to give iPhone developer $10 million

ngmoco lands second round of funds in nine months
Raising venture capital has become the primary method for many businesses to enter a new stage of growth, but it’s becoming notoriously difficult to acquire that money from the finance companies' wallets.

But despite only being in its ninth month of operation, iPhone-focused developer ngmoco has been granted a $10 million second round of funding led by Norwest Venture Partners in a deal that took only a couple of weeks to bring to a conclusion.

“Everything in this market happens so quickly,” ngmoco founder Neil Young tells VentureBeat. “The iPhone is really the first wave of new phones that have the same capability to play games as the handheld game systems have.”

With more than 30 million iPhones and iPod touches now in consumers' hands, it's perhaps unsurprising that VC firms are still keen to invest in the iPhone gaming space. ngmoco will be hoping that the funding helps it cut through on the increasingly crowded App Store.

The publisher already landed itself $5 million investment to get the company off the ground, and used that money to quickly establish itself as one of the iPhone’s industry leaders.

Now, with the second round of funding and a roster of highly anticipated games in the works that make use of the 3.0 SDK, ngmoco looks set to grow once again.

Yes. Spanner's his real name. And, yes, he's heard that joke before.

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