Chukong raises USD50 million in Series D funding, denies IPO rumors

By Rizza Sta. Ana

Oct 18, 2013 10:48 AM EDT

Chinese mobile game developer Chukong Technologies recently garnered USD50 million in a Series D financing round. According to a Techcrunch report, the investment round was lead by New Horizon Capital, a Chinese private equity fund. The new investment, also supported by investors including Sequoia Capital's Chinese fund and GGV capital, had brought Chukong's total funding to USD83 million.

Moreover, rumors had been circulating that Chukong might have plans for an initial public offering. However, Chukong's US general manager Lei Zhang said there were no such plans.

"The company will stay independent. It's not up for sale and we're in the early stage of a fast-growing market," Zhang said.

Chukong had been successful in mainland China, thanks to the proliferation of Android smartphone users. Chukong earned USD12 million in gross revenue in August. The game developer of popular mobile game Fishing Joy has a player network of some 11 million active players daily and 63 million active players monthly.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics