Flaregames Raises EUR 9 Million in Series B Financing Round
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 investor. The funding will be used to scale the company, to attract additional senior personnel, and to market the company’s upcoming line-up of free-to-play games for mobile devices. 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 Royal 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, achieving 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 development 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.”