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Ryzing Raises $1.43 Million For Social Games

Ryzing Raises $1.43 Million For Social Games

August 4, 2010 | By Eric Caoili

August 4, 2010 | By Eric Caoili
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More: Console/PC

Social game developer Ryzing LLC has raised $1.43 in its $1.88 million mixed-securities offering from nine backers -- its lead investors including Kielvest Capital and SeventySix Capital.

Based in Philadelphia, the studio's team includes 25 team members "geographically dispersed" across Philadelphia, Bangalore, Shanghai, Moscow, and other locations. Ryzing raised $500,000 of its offering soon after its opening last October, according to SEC filings discovered by Citybizlist.

The company is led by serial entrepreneur Manu Gambhir, previously managing director at Cantor Gaming, developer of online casino/poker/financial betting games. Prior to that, he was co-founder and managing director at Kismet International, which built and marketed Harrods Online Casino, and was later acquired by Cantor.

The developer's only Facebook release so far is Bingo by Ryzing, a free-to-play game that allows users to play Bingo with their friends/family to win multi-level prizes, free credits, and up to $2,000 in real cash. It's still in beta and currently has almost 10,000 monthly active users, according to figures from AppData.

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