Beijing-based mobile game portal secures $21.5M in Series B round

February 12
10:37 AM 2014

Mobile game portal operator obtained financing amounting to $21.5 million or CNY 130 million in its second funding round from institutional investors, TechNode reported. The round was led by Fosun Venture Capital Investment, the venture capital arm of Fosun Group and was participated in existing investor BlueRun Ventures. In 2011, BlueRun Ventures also invested several million dollars into the startup, the report said. Founder Chen Yang told TechNode that the proceeds from the most recent funding round will be used to grow the team and expand its content. It will also be used for branding purposes. Yang also revealed that his firm will be rolling out a fresh development strategy next month. The new approach will give players, developers and distribution platforms with comprehensive service, the report said.

Game guides, gaming information and mobile apps are the products provided by the startup established in 2011. A team, comprised of more than 100 members, now runs the gaming community. Chen Yang, who formerly worked as a lead producer of EA China, heads the team, the report said.

According to the website TechinAsia, the largest rival of Joyme in China is PTBus, which is owned by Perfect World. There are other well-known gaming portals in China as well. These include 17173, owned by Changyou and Perfect World's TGBus. However, these are not exclusively-catered to mobile games, TechinAsia reported.

Meanwhile, information from its website showed that Fosun Group put up its asset management platform in March 2011. It serves wealthy individual customers and big institutional clients both in China and overseas.TechNode reported that in the gaming space, Fosun has invested in Perfect World and LineKong. The portfolio of BlueRun, on the other hand, includes Waze, Meilishuo and Ganji.

In China, 33% of mobile internet users utilize their smartphones to play games with robust revenue growth projected in these games in the years to come, TechinAsia reported citing reports from GoGlobe.

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