Ngmoco Raises $10 Million in a Second Round of Funding
iPhone game developer Ngmoco, founded by EA executive Neil Young, has announced that it has raised $10 million in a second round of funding led by Norwest Venture Partners. Clearly, things are moving fast in the space.
“Everything in this market happens so quickly,” says Young. “The iPhone is really the first wave of new phones that have the same capability to play games as handheld game systems have.”
In addition to Norwest, Kleiner Perkins Caufield & Byers and Maples Investments also participated in this funding round after their involvement in Ngmoco’s $5 million round last July. The investors certainly see the potential in the development company: And who’s to blame them? In nine months, Ngmoco has created five popular titles for the iPhone and has had over seven million installs.
With the new funding, Young states that the company intends to release anywhere from 12 to 15 new premium games over the course of 2009.
[via VentureBeat]
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