Cloudcade, a free-to-play mobile games developer, has secured US$1.55 million in seed-stage funding in a round led by Chinese venture capital firm IDG Capital. The startup, which was co-founded in late 2013 by San Francisco-based CEO Di Huang and Montréal-based CTO Mathieu Rouleau, will use proceeds to develop its technology platform and recruit personnel. Cloudcade also announced that Johan Eile, formerly a director at THQ Inc and Ubisoft, recently joined the company as COO in Canada to oversee and co-ordinate operations.
Cloudcade is a New Tablet-First Mobile Gaming Startup Founded by Serial Entrepreneurs
Cloudcade, a cross border tablet-first mobile gaming startup, raised $1.55M from prolific VC in Asia to hire an all-star team.
San Francisco, CA, October 10, 2014 –(PR.com)– Cloudcade, a new mobile gaming startup with its sight set on the global market, just announced a round of $1.55 million in seed financing. The newly raised capital will go towards developing original IPs and recruiting top-tier talent. The round was led by Beijing-based VC, IDG Capital, which befits Cloudcade’s core strategy of cross-border distribution and operations.
“We have a great footprint in China and a deep understanding of the mobile gaming market in Asia. To sum it up, it’s a very hot space to be in with a lot of fragmentation and very little innovation. Cloudcade takes a different approach than the competition by demonstrating hyper-focus in creating original IPs for cross-platform distribution. As investors, we’re very excited at the prospect of their first game as it’s something that we can see ourselves getting deeply involved in,” said IDG Capital.
Co-founder and CEO, Di Huang, is based in San Francisco and runs marketing, biz dev and monetization to support production. He previously founded several other startups, including SoWink, an activity based social dating app and CosmeTrend, a crowdsourced discovery engine for beauty products.
Meanwhile, co-founder and CTO, Mathieu Rouleau, is based in Canada and spearheads game design & development in the newly launched Saint-Lambert studio. He previously founded Edgebee Studios, a flash-based game developer that released several quality titles.
Founded by serial entrepreneurs, Cloudcade was quickly able to attract an all-star lineup of gaming veterans across North America. Including its latest addition, Johan Eile, senior executive at THQ Montreal and former director at Ubisoft, who was recently put in charge of overseeing the day-to-day in Canada in order to facilitate operations between both outfits.
The team has rapidly scaled up to 10 full-time employees, which is “more than enough to launch our first game,” according to a statement by chief executive, Di Huang. “These days, it doesn’t take a thirty man team to build a mobile game. Launching a fun mvp and iterating it through the continuously deployment of new content will ensure a long life cycle for the game.”
During the past few months, the Cloudcade Team has been knee-deep in production for its first title. Although the details of the project has not been announced yet, the game has been confirmed to be a free-to-play “fantasy shop simulation game featuring strong economic ties and co-op between players” according to Huang.
About Cloudcade, Inc.
Founded in late 2013, Cloudcade is a free-to-play mobile games developer with a tablet-first approach towards deployment. Since inception, Cloudcade has assembled an all-star team with extensive experience in the gaming industry and an undying passion for creating the next generation of mobile entertainment. While its games will be optimized to be played on tablet devices, the company aims to bring gaming to the next level by releasing cross-platform on mobile, web and TV to allow users to play synchronously across any platform around the world. www.cloudcade.com.
About IDG Capital
IDG Capital Partners is the premier VC & PE firm in China, with over 70 successful exits through M&A or IPO in US, Hong Kong and the A-share market to date, including Baidu, Tencent, Qihoo 360, Sohu, Soufun, Ctrip, Kingdee, 91 Wireless, Xiaomi and CreditEase. As the first foreign investor to enter the Chinese market, the team is extremely well connected and knowledgeable in cross-border operations. They are primarily focused on investments in internet and wireless application, enterprise software & big data, new media, education, consumer products, franchise services, healthcare and industry technologies. www.idgvc.com/en.
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