REDWOOD CITY – May 26, 2011 – Kabam™, the leading developer of massively multiplayer social games (MMSGs), today announced it has raised $85 million in Series D funding to fuel its continuing growth as the leader of the social gaming market for hard core gamers. The oversubscribed round included investments from Google Ventures, SK Telecom Ventures, Pinnacle Ventures, Performance Equity, as well as previous financial investors Canaan Partners, Redpoint Ventures, and Intel Capital. In conjunction with the investment, Google Ventures Partner Joe Kraus will join Kabam’s Board of Directors. This latest round brings the company’s total funding to $125 million.
“Kabam provides hardcore gamers using social networks two important benefits – a highly immersive, engaging game experience along with frictionless pricing and convenient access. We’ve tapped into a major shift in hardcore gamer behavior, as we create compelling social gaming experiences for traditional console and PC gamers” said Kevin Chou, CEO of Kabam. “This round of funding enables us to build long term franchises and invest in amazing gaming experiences for our customers. We have a full pipeline of games and look forward to sharing more exciting news about our upcoming titles as we move through the year.”
Kabam has led the development of this new segment of social games by focusing on a distinctive target, “hardcore gamers,” and creating games that combine the highly immersive gameplay of massively multiplayer online games with the social connectivity and interaction of social games. All Kabam games feature synchronous play that allows players to form alliances and compete with millions of other players worldwide in real time.
“Consumer game playing behavior is changing as a growing number of core gamers are moving their game play to social networks,” said Joe Kraus, Partner at Google Ventures. “Kabam was at the forefront in identifying and taking advantage of this trend and their rapid growth underscores the large opportunity in the market. As core gamers shift to social networks, Kabam is well-positioned to capture a leading share with its team, products and user base.”
The company has grown from 25 to over 400 employees in the past 16 months on the strong performance of its Facebook game lineup, Kingdoms of Camelot®, Dragons of Atlantis™, Glory of Rome™ and Global Warfare™. Kabam expects to release at least five more titles through the end of 2011. With the Series D investment, Kabam will continue to expand and diversify its game portfolio, make further acquisitions and expand its international presence in Asia.
"Asia represents a major opportunity for Kabam,” said Chou. “SK Telecom Venture’s deep relationships and operational experience will be an enormous asset as we expand our business in the key gaming markets of Korea, Japan and Greater China.”
“Kabam has already delivered impressive growth by increasing customer value while reducing the risk involved in product development and distribution,” said David Lee, Venture Partner, SK Telecom Ventures. “Kabam’s commitment to leading the creation of the next wave of gaming is extremely exciting and we’re eager to help support the company’s explosive growth in Asia.”
For more information on Kabam, visit our official site at www.kabam.com, and also our Facebook page at www.facebook.com/kamba.
About Kabam
Kabam is an interactive entertainment company leading the next wave of gaming – hardcore social games – a leading force in disrupting the traditional gaming industry. The company’s studios focus on combining the best elements of traditional and social gaming to appeal to a growing audience of gamers looking for deeper, more engaging social games. The first wave of Kabam’s new games for Facebook and leading media sites, including IGN Reader’s Choice Facebook Game of 2010 Kingdoms of Camelot®, have been widely recognized for their depth of play and social interaction. Founded in 2006, Kabam has offices in San Francisco and Redwood City, Calif., Beijing, China and Luxembourg. More information about Kabam can be found at www.kabam.com.
About SK Telecom Ventures
Headquartered in Palo Alto, California, SK telecom ventures (www.sktvc.com) is a dedicated venture capital fund with US $100m under management that looks to make financial returns on investments through funding internet, mobile, and digital media companies that can leverage the fund's sole limited partner, SK telecom. SK telecom (www.sktelecom.com) has an international reputation for delivering innovative media, mobile, and internet services in the cutting-edge market of South Korea. It is leveraging its technology expertise and operational know-how to advance overseas into new markets such as the United States and China. SK telecom ventures is based in the United States but pursues investment opportunities globally and is willing to lead or co-lead investment rounds.
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