Chobolabs raises $1.3 mln seed funding

Mobile gaming startup Chobolabs has secured a $1.3 million round of funding. The investment was led by Eric Schmidt’s Innovation Endeavors with participation from Maurice Werdegar, XG Ventures, Jim Ellis, Joel Peterson, Bill Meehan, John Kobs, Mac Harman and other angel investors.

PRESS RELEASE

Mobile gaming startup Chobolabs announced $1.3M round of funding led by Eric Schmidt’s Innovation Endeavors with participation from Maurice Werdegar (CEO, Western Technology Investment), XG Ventures, Jim Ellis (Founder, Asurion), Joel Peterson (Chairman, JetBlue), Bill Meehan (Director Emeritus, McKinsey), John Kobs (Founder & CEO, Apartment List), Mac Harman (Founder & CEO, Balsam Brands), and other angel investors. The Palo Alto-based startup’s vision is to bring competitive gaming to smartphones and tablets.

“The growth of competitive synchronous multiplayer gaming has not only created multiple billion-dollar PC and console-based franchises like Call of Duty and League of Legends, but also resulted in the $1B Twitch acquisition,” says Deyan Vitanov, Co-Founder and CEO, “I am convinced that over the next 12-18 months competitive gaming will emerge on mobile and capture core gamers’ attention.”

The Chobolabs team of gaming industry veterans from Gameloft and Ubisoft has developed a proprietary real-time networking engine and focused its attention on reimagining competitive shooters on mobile. The first product is already racking hours of engagement every week from dedicated gamers during the beta period.

Led by Deyan Vitanov, a former professional gamer and experienced entrepreneur, who has previously built and sold 2 companies, the Chobolabs team just added mobile free-to-play guru Ilian Georgiev. Ilian previously managed Pocket Gems’ biggest hits Tap Paradise Cove and Episode, which have done over $100M in revenue on the app stores.