IGG Inc., the leading online game publisher/operator, today announced that the company has closed a Series B round of financing from two prominent venture capital firms and an existing investor.
The privately owned online game company did not disclose specific figures of the financing, but COO Kevin Xu said the funding was “in excess of $10 million” and was led by Vertex Group and joined by Hearst Interactive Media and IDGVC.
“The global experience of Vertex will greatly bolster our international capabilities, and Hearsts vast connection in the media world is the perfect support that we need to expand our business globally. Its great to have our original funding partner IDG on board again as well.” said Kevin Xu. He added that the new funds will be used to expand sales and marketing into Asia and Europe, to establish strategic partnerships with developers and publishers worldwide, and to further the development of more innovative and entertaining games in house. Furthermore, the funds will be used to explore more regions and reach out to players of different languages.
Dedicated to serve worldwide players with the best multiplayer online games, IGG Inc. launched its first MMORPG in May 2006. Since then, IGG has successfully released and operated 8 MMORPGs through www.igg.com. With over 8 million registered users as of Q4 2008, IGG has established its reputation as a world-class publisher rising to meet the demand of players of different ages, culture and favors.
“IGG has a unique differentiated business model and a very strong and experienced team.” said Mr Chua Kee Lock, Group President & CEO of Vertex Group. “We are very excited with the investment in IGG and we look forward to working closely with the company and bring it to a greater growth as it expands its business and geographic presence,” added Mr Chua Kee Lock.