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Playstudios Raises 20 Million in Third Round Funding
Wednesday October 29,2014 : PLAYSTUDIOS THIRD ROUND FUNDING A SUCCESS
$20 million to be aggressively invested in product
California-based social gaming company Playstudios has closed a third round of funding led by Jafco Ventures.
The "self-sustaining" company raised $20 million that will allow it to "aggressively invest in our current apps or, opportunistically, find and create other apps to invest in," said chief executive Andrew Pascal in an interview with GamesBeat.
This latest funding round includes existing investors such as MGM resorts, who provide a sizeable package of rewards to PlayStudios' MyVegas players.
“I think our best work is ahead of us and our biggest opportunities are ahead of us,” Pascal said. “Having this additional capital will ensure we make the most of these opportunities.”
“The Playstudios' team, led by Andrew Pascal, is one of the best operating teams we have seen," said Joe Horowitz, Managing Partner at Jafco Ventures. “We believe that the quality of their products and the loyalty of their players will allow Playstudios to continue to achieve explosive growth and dominate this category of the social gaming market.”
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