German mobile gaming firm Flaregames has closed $12.2 million in Series B funding. The investors were Accel Partners and T-Venture, the investment arm of Deutsche Telekom.
KARLSRUHE, Germany – 5th of June, 2014 – Flaregames, a leading mobile gaming company, announced today that it raised €9 Million ($12.2 M) in Series B funding. The funding was provided by current financial investors Accel Partners and T-Venture, the investment arm of Deutsche Telekom, with additional investment coming from an unannounced in- vestor. The funding will be used to scale the company, to attract additional senior person- nel, and to market the company’s upcoming line-up of free-to-play games for mobile de- vices. This latest round brings the company’s total funding to €17 million ($23.2 M).
Since the release of flaregames’ first game, BraveSmart, two years ago in May 2012, the company has come a long way: tripled the workforce, moved to bigger offices, grown to seven-figure revenues per month, and built a major mobile games franchise with the Roy- al Revolt series. The latest addition, Royal Revolt II, was released in February 2014 and accumulated 1.5 million downloads on iOS and Android within the first ten days, achiev- ing a full return of investment on the development costs within that period.
“There is a great market opportunity for a games publishing entity that has marketing and monetization expertise as well as strong roots in development. Flaregames has already transformed its organization from a self-publishing developer to a developing publisher and has demonstrated its ability to make games that are both profitable and loved by gamers,” said Harry Nelis, partner at Accel Partners and member of flaregames’ board of advisors.
Klaas Kersting, CEO and founder of flaregames, added: “This round of funding enables us to invest in bigger projects, both external and internal: we have half a dozen games in de- velopment at our studios in Karlsruhe and Frankfurt — and are already working with a number of major US developers on undisclosed projects. Flaregames has a full pipeline of games and we look forward to sharing more exciting news about our upcoming titles as the year progresses.”
Based in Karlsruhe, flaregames has a highly motivated team of veterans and new talent to create and de- ploy a new generation of mobile games. The company, founded in 2011, creates games for smartphones and tablets. The pipeline currently has a number of titles for mainstream and mid-core gamers. The games are extensive, deep experiences, that offer long-lasting fun and best of all are free (“free to play”).
The founder of the company, Klaas Kersting, previously of Gameforge has a proven track record of success, growing his last company into a global player with 500 employees and over €100 million in annual revenue.
M!ore information: www.flaregames.com
About Accel Partners
Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and man- agement teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, London, New York City and Ban- galore, as well as in China via its partnership with IDG-Accel. Accel has invested in over 500 companies, many of which have defined their categories, including Angry Birds (Rovio), Atlassian, Cloudera, ComScore, Dropbox, Facebook, Groupon, Imperva, Kayak, Playfish, QlikTech, Spotify, Supercell, Varonis and Wonga. For more information, visit the Accel Partners web site at www.accel.com or find us on Facebook at www.- facebook.com/accel.
T-Venture Holding GmbH was founded in 1997 as a wholly owned subsidiary of Deutsche Telekom AG. It has since then invested in young companies that demonstrate economic and technological synergies with the Deutsche Telekom business units as well as above-average growth potential. Its head office is in Bonn. It is supported and complemented in its activities by T-Venture of America, Inc. in San Francisco and in Seattle. Investment activities focus on Europe, the United States and Israel.