FunPlus Raises $74 Million Series B Led by Orchid Asia Group
First Game Company to Combine Eastern Operational Excellence With Western Craftsmanship for Globally Appealing Games
SAN FRANCISCO, Calif., March 18, 2014-- FunPlus, a mobile social games company that puts fun first for players and communities worldwide, today announced that it has raised an additional $74 million in venture capital financing from Orchid Asia Group, GSR Ventures, and Steamboat Ventures. The new funds will be used to support overall company growth, including multiple game launches and recruitment.
Founded in 2010 by Andy Zhong and Yitao Guan, FunPlus has gained significant and consistent traction with its current games portfolio and the strength of its ever-growing communities. Doubling its revenue year over year since 2011, FunPlus was founded with the goal of combining the highly successful operational practices of China-based developers with the artistry of those found in Europe and the U.S. The company is now aiming for success in new markets with several globally-appealing games which combine craftsmanship and polish with real-time community feedback.
"We are pleased that Orchid Asia Group, GSR Ventures and others have recognized our success and are coming on board at this time to accelerate our growth to the next level," said Andy Zhong, CEO and co-founder of FunPlus. "This new round of funding will help us expand more quickly into new markets and to recruit and hire the best game development talent in the world."
FunPlus is currently focused on recruiting new talent to join its teams in the San Francisco, Vancouver and Beijing offices. FunPlus plans to launch at least two to three additional games in 2014, bringing its total game portfolio to six to eight games across multiple platforms.
"FunPlus is well-positioned to become one of the fastest growing developers in mobile social gaming," said Richard Lim, Managing Director at GSR Ventures. "We firmly believe in the company's worldwide growth strategy and the enthusiastic team they are building to bring fun to a constantly-growing worldwide community of gamers."
To date, the company has successfully launched games including Family Farm and Royal Story on Facebook, and Family Farm Seaside on iOS, Google and Amazon. All games are free-to-play, and users have the ability to purchase virtual currency and goods.
FunPlus previously closed a $13 million Series A round in 2012. The Series B brings FunPlus' total funding to $87 million.
FunPlus is a popular social networking and mobile gaming company that creates fun games and builds communities across multiple online and mobile platforms. The company's signature game, Family Farm, is enjoyed globally by over 4 million players each day. As a leading global game developer, FunPlus has over 200 employees and is headquartered in Beijing, China, with offices in San Francisco, CA, and Vancouver, Canada. More information is available at www.funplus.com.
About Orchid Asia
Orchid Asia Group Management, Limited is an investment group with offices in Hong Kong, Shenzhen, Shanghai, Beijing and Guangzhou. We focus on backing experienced executives in building franchises in Asia, with an emphasis in China. We seek to invest in expanding domestic enterprises in high barrier to entry businesses that have good growth prospects in the consumer services and products sector, as well as the outsourced manufacturing and services sector. Orchid Asia Group manages funds with investment partnerships that have capital commitments globally from groups of leading institutional investors, independent private banks, university endowments, insurance companies, strategic individual capitalist and high net worth family offices. For more information, visit www.orchidasia.com.
About GSR Ventures
GSR Ventures is an early-stage venture capital firm focused on building world-class technology companies in China. The firm invests primarily in the Internet, wireless, green technology and semiconductors sectors. Founded in 2004, GSR has more than 50 companies in its portfolio and more than $1 billion under management. For more information, visit www.gsrventures.com.
About Steamboat Ventures
With offices in Los Angeles, Shanghai and Hong Kong, Steamboat Ventures is a global venture capital fund that invests in digital media, consumer and technology companies in the U.S. and Asia. Steamboat Ventures pursues a distinctive investment strategy, cultivating investment opportunities that are simultaneously financially promising and also possess the potential to be of significant strategic interest to the media and entertainment industry. Founded in 2000, Steamboat Ventures has invested in a range of leading digital media and consumer technology companies, including: Fastclick (acquired by VCLK), Pure Digital Technologies (acquired by CSCO), Quigo Technologies (acquired by TWX), Freewheel, Duowan, Yoyi, and Shangpin.com. For more information, please visit: www.steamboatvc.com.
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