Mobile games start-up studio Lila Games has secured $2.8 million in seed funding.
The investment was led by Bitkraft Ventures, with further participation from Galaxy Interactive, as well as several angel investors including Machine Zone co-founder Mike Sherrill, Super Evil Megacorp CEO Kristian Segerstrale and former CMUNE CEO Ludovic Bodin.
"Lila Games is made up of an outstanding founder team, and they are focused on a very sizable genre that has room for innovation on mobile," said Bitkraft Ventures Founding General Partner Jens Hilgers.
"While we've seen many iconic games spawn in the FPS genre on PC, the mobile market is young and extremely popular and will follow. There is a significant opportunity to build out new sub-genres and ample room to explore. The audience is eagerly waiting for new gameplay mechanics and alterations - and that is exactly what LILA Games is building."
Lila Games will use its newfound funding to work on a new mobile shooter. Furthermore, it will make new hires in India. Positions available at the company include product management, development, art and game design.
"We are attempting to build the most ambitious mobile shooter game ever designed," said Lila Games CEO Joseph Kim.
"And while we sold our investors on the product vision, as co-founders, we created the company to build a new type of organization." In order to do this, Lila Games is focused on attacking orthodoxy and creating a games studio with incredible structural advantage. The company derives structural advantage through strong cultural values (Lila Games Business Values), differentiated operating processes, and cost structure advantage operating in India.
Mobile shooters have been on the rise in recent years. In the past two years, the genre has seen a compound annual growth rate (CAGR) of 91.5 per cent for downloads. Furthermore, shooter revenue has witnessed a CAGR of 47.7 per cent over the last two years.