ngmoco raises $10 million to keep the gaming going
3/30/2009 7:12:00 AM
ngmoco, makers of iPhone and iPod touch tiles has raised $10 million in financing from Norwest Venture Partners (as well as Tim Chang of NVP joining ngmoco's board) that will allow the company to expand upon its library of iPhone and iPod Touch titles. To date, the company has cranked out several hit titles like WordFu
. Neil Young, CEO and founder of ngmoco stated the companies desire for the future:
“Our mission at ngmoco is to create and publish incredible game experiences in close collaboration with the best and brightest game makers in the world. The iPhone and iPod Touch have revolutionized both the gameplay and game-making experience and we’re committed to building a new type of world class publisher for this new kind of market,” said Neil Young, CEO and founder, ngmoco. “We are thrilled that Tim and NVP share our vision and look forward to building ngmoco into the leading next generation mobile games company.”
While news of financing for companies like ngmoco may seem boring, it is ever important to the growth of the iPhone/iPod Touch game market. Better financing means more creative and in-depth game releases from companies that have been putting out good titles without a massive budget.
ngmoco CLOSES $10 million INVESTMENT IN SERIES B
Norwest Venture Partners Leads Round, Financing to Fuel Growth
March 23, 2009 – San Francisco – ngmoco, the leading publisher and developer for iPhone and iPod touch games, has raised a new round of financing led by Norwest Venture Partners with the company’s previous investors including Kleiner Perkins Caufield & Byers and Maples Investments also participating. Tim Chang of Norwest Venture Partners, has joined ngmoco’s board of directors. ngmoco will utilize the funding to expand its pipeline of premium games and accelerate the development of its publishing and social gaming platform for iPhone and iPod touch connected gaming.
“Our mission at ngmoco is to create and publish incredible game experiences in close collaboration with the best and brightest gamemakers in the world. The iPhone and iPod Touch have revolutionized both the gameplay and game-making experience and we’re committed to building a new type of world class publisher for this new kind of market,” said Neil Young, CEO and founder, ngmoco. “We are thrilled that Tim and NVP share our vision and look forward to building ngmoco into the leading next generation mobile games company.”
Games continue to dominate the App Store, and coupled with the amazing pace of adoption of the devices, have created an incredible new marketplace for games. Crafting experiences specifically for this new mobile landscape, ngmoco tailors its games to take unique advantage of the features and functionality of the iPhone and the iPod touch and provide players with the very best and most innovative games.
"The iPhone represents a significant milestone in the growth of the mobile gaming market, and has the potential to be the next mainstream gaming hardware platform,” said Tim Chang, principal at Norwest Venture Partners, who will serve on the ngmoco board. “As the smartphone games 2.0 market rapidly evolves, the need for cutting-edge, world class publishers focused specifically on new platforms like iPhone and iPodTouch will become more and more apparent, and we feel that ngmoco has the right team, capabilities and vision to pioneer such a model."
Established in 2008, ngmoco is led by a decorated and veteran management team comprised of Neil Young, Bob Stevenson, Alan Yu and Joe Keene. Since its inception at the end of June 2008, the company has already developed and successfully deployed multiple iPhone and iPod touch games including the award-winning Rolando and chart toppers MazeFinger, Topple, Topple 2, Dr. Awesome, Dropship and Word Fu. With five top ten products and its games having been installed over seven million times, ngmoco is one of the leading gamemakers and publishers for the iPhone & iPod Touch.