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Mobile Game Firm Mforma Gets $30 Million Funding
by Simon Carless [Mobile Phone]
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October 5, 2005
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Mobile game and entertainment publisher Mforma, publisher of cell phone games including True Crime: Streets of LA, Monopoly Tycoon and Elder Scrolls Travels: Stormhold has announced that it has raised $30 million in a third round of institutional financing.
The round was led by Institutional Venture Partners (IVP), and includes participation by existing investors Bessemer Venture Partners, Draper Fisher Jurvetson, and General Catalyst Partners. The new funds will be used by Mforma to develop new product lines and to expand global operations and marketing initiatives.
Todd Chaffee, IVP managing director and general partner, commented:“We look forward to working with Mforma’s strong management team as they develop and deliver the next generation of mobile entertainment products.”
Mforma was founded in 2001 by Daniel Kranzler, executive chairman, who recently stepped down, allowing former AOL Internet Services Jonathan Sacks to be named the new CEO, while David Oppenheimer became the company's new senior vice president and chief financial officer.
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