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PapayaMobile Secures $18 Million For Mobile Social Gaming Network Expansion

PapayaMobile Secures $18 Million For Mobile Social Gaming Network Expansion

April 27, 2011 | By Kyle Orland

Mobile social gaming network PapayaMobile has attracted $18 million in a new round of Series B investment funding focused on expanding its network of 15 million users across Android and iOS.

The new funding, led by China's Keystone Ventures and global social game-focused investor DCM, is meant to further accelerate user growth that is at 375 percent since the network's launch last June.

With offices in Beijing, San Francisco and London, PapayaMobile has been primarily focused on the U.S. and European markets thus far, though investors and principles see potential for further growth in Asia.

"Android growth in China over the next two years will be staggering," said Keystone founder and managing partner Joe Zhou. "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."

"As our momentum on Android continues to grow, our latest funding from Keytone Ventures, an expert in the Chinese mobile market, and DCM, a pioneer in the gaming and social network investment space, will help us continue to expand our social network across the globe," said PapayaMobile CEO and co-founder Si Shen.

PapayaMobile's social SDK and Papaya Game Engine are used in over 350 mobile games, the company said, and the service also directly offers 56 free-to-play titles through the Android Marketplace.

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