Raising venture capital has become the primary method for many businesses to enter a new stage of growth, but its 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 iPhones 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.
News
Related Articles
Interview
Jul 17th, 2015
Flashback Friday: Neil Young on how ngmoco and Freeverse will dominate the iPhone free2play market
Top Stories
News
Apr 27th, 2024
PocketGamer.biz Podcast Week in Views E09 - Supercell's Squad Busters goes global, Embracer Group splits, and Apple's Vision Pro flops
News
Apr 26th, 2024
Week in Views - Squads busted, Apple crushed, War zoned and Snoozin' with the Snorlax…
Feature
Apr 26th, 2024
Speaker Spotlight: Dubai Future Foundation's Faisal Kazim on leading Dubai's gaming charge
Events
Dubai GameExpo Summit 2024 | Middle East | May 1st |
The MENA Games Industry Awards 2024 | Middle East | May 2nd |
GameDev Atlantic 2024 | May 4th | |
Mobidictum Meetup Berlin May 2024 | Europe | May 7th |
Mobidictum Meetup Tallinn May 2024 | Europe | May 21st |
Israel Mobile Summit 2024 | Middle East | Jun 6th |
DevGAMM Vilnius 2024 | Europe | Jun 14th |
Develop: Brighton 2024 | Europe | Jul 9th |
Popular Stories
News
Apr 23rd, 2024
Supercell’s Squad Busters soft launches today with over 100,000 Google Play downloads
News
Apr 23rd, 2024