PapayaMobile Raises $18 Million For Mobile Social Gaming Network

PapayaMobile, the developer of a plug and play technology that incorporates social gaming elements into iOS and Android games, has secured $18 million in Series B funding led by Chinese venture firm Keytone Ventures and DCM. This brings Papaya’s total funding to $22 million.
 

PapayaMobile hosts mobile games on its social network, which is comprised of over 15 million users and offers mobile developers the tools to build social gaming apps on Android and iOS. Since launching the gaming platform last year, 350 applications have integrated PapayaMobile. PapayaMobile has experienced over 375% growth in its user base since opening its social gaming network in June of 2010.
And Papaya has placed a big bet on the Android platform specifically. The company was one of the first developers to integrate Google Android’s in-app billing on its social gaming network to enable microtransactions.

The new funding will be used to help expand PapayaMobile’s developer ecosystem in both the U.S. and Europe and to improve serve infrastructure so that the company can scale. Papaya is also looking to expand its platform to the Chinese market.

Joe Zhou, founder and managing partner of Keytone Ventures said in a statement: Android growth in China over the next 2 years will be staggering…Couple this growth with the monetization potential of mobile games in China and we believe PapayaMobile is well positioned to be the leader in social gaming platforms for the largest mobile market in the world.





Source: Techcrunch