Backflip Studios raises $145k for iPhone expansion

US iPhone developer Backflip Studios, has raised $145,000 (€102,000, £88,000) in funding, according to a SEC regulatory filing uncovered by mocoNews.

The company released popular free game Paper Toss, and is currently riding high in the US App Store Top 100 with two games: Paper Toss: World Tour (99c) and the excellent  Ragdoll Blaster ($1.99).

Raising money for expansion and to explore new business opportunities is a standard part of any company's development, and thanks to its high profile, this is the ideal time for Backflip to raise investment, as well as create more complex and expensive games based around its existing brands.

As our regular analysis of the US Top 100 shows, around half of the games are priced cheaply at 99c but chart position remains volatile.

To date, only publishers such as EA, Gameloft, and PopCap Games have managed to retain average prices of more than $3 across their portfolio.