Tech startup PortalOne has revealed that it has raised $60 million following its oversubscribed Series A funding round.
The round, led by Tiger Global, also saw investments from TQ Ventures, Temasek, Avenir Growth, Founders Fund, Talis Capital, Connect Ventures, Animoca Brands, Access industries, and Coatue Management.
Rogue Capital Partners and SNÖ Ventures also participated, as did angel investors from the likes of Facebook, Axie Infinity, and Google.
The proceeds from the funding round are going to be used to expand content production for the hybrid platform, including bringing many of Atari’s most popular games to the platform. This is possible thanks to the company securing seven-year-long exclusive distribution rights with Atari.
As one of the original hybrid game platforms, PortalOne was founded by former TV exec Stig Olav Kasin and former Warner Bros and The Future Group founder Bård Anders Kasin, who operate as CXO and CEO respectively.
"Gaming, social, and media are converging, and we are fortunate to be at the very edge of that frontier," said Bård Anders Kasin.
"Our company now enters an exciting new phase of scaling up on all fronts as we prepare to introduce hybrid games to the world. Having great partners paved the way for us to make rapid progress in developing hybrid games.
"Now we look forward to welcoming new partners who recognise the opportunity PortalOne offers for iconic and popular IP brands to bridge into a whole new era of entertainment."
Speaking on Tiger Global’s lead investment in the funding round, Tiger Global partner Evan Feinberg added: "We believe PortalOne is building an innovative experience at the intersection of gaming and entertainment. We are excited to back the Kasin brothers and their talented team as they continue to build and grow the business!"
PortalOne’s first format was the retro-inspired PortalOne Arcade, and the company’s own proprietary technology will enable third-party creators to make new content on the platform.
To assist in this, a partnership with Arri, a cameras and lighting tech specialist, has already been formed.
Recently, Virtuos announced its first acquisition in the Eastern Europe market, acquiring Ukrainian art production studio Volmi Games for an undisclosed amount.