Chartboost Raises $2 Million in Series A Funding TransLink Capital, SK Telecom Ventures and Former Tapulous Investor, XG Ventures, Help Scale Direct-Deal Marketplace for Mobile Games
SAN FRANCISCO, Oct. 24, 2011 /PRNewswire/ -- Chartboost today announced that it has raised $2 million in its initial round of funding. Investors in this round include TransLink Capital, SK Telecom Ventures and XG Ventures, a former investor in Tapulous (acquired by Disney in 2010), the company from which the two Chartboost founders, Maria Alegre and Sean Fannan, came. Chartboost offers a direct-deal advertising marketplace that enables game publishers to drive tens of thousands of dollars every day by directly promoting other publishers' apps.
"There is a tremendous opportunity for Top-100 apps to connect with other game publishers that are spending thousands of dollars to acquire users and get a 100-percent revenue share by dealing directly with them instead of through an ad network," said Maria Alegre, co-founder and CEO of Chartboost.
The makers of top-grossing apps like Pocket Gems, Tinyco, Gameview and The Playforge are already looking for partners on the Chartboost Direct-Deals Marketplace. Managing Director at TransLink Capital, Jay H. Eum, added that "We have introduced several leading app developers based in Asia, and they are excited about the Chartboost platform."
In fact, many top-grossing gaming apps are hiring full-time staff to set up direct deals with top publishers because they cannot find enough volume from ad networks. Chartboost eliminates this problem, said Senior Managing Director at SK Telecom Ventures, Rob Trice, because "Chartboost's platform provides free ad serving technology that is ideally positioned as a 'game changer' versus traditional ad networks by connecting developers one on one and cutting out the middle man."
According to Alegre, Chartboost has been profitable since its founding early this year. "This funding will enable us to further scale our product development, and to reach and serve more publishers globally," added Alegre.
Chartboost (www.chartboost.com) offers a direct-deal advertising marketplace that enables game publishers to manage the distribution power of their mobile game apps and monetize the success of a Top-100 app in the App Store.
About the Investors:
TransLink Capital (http://translinkcapital.com) is a U.S.-based venture capital firm focused on investments in early expansion-stage start-up companies in the mobile, communications and digital media sectors and with strong connections in Japan, Korea and Greater China.
SK Telecom Ventures (www.sktvc.com) is a dedicated venture capital fund that looks to make financial returns on investments through funding internet, mobile, and digital media companies that can leverage the fund's sole limited partner, SK telecom.
XG Ventures(SM) (http://xg-ventures.com) is a small group of ex-Googlers, who were early hires in strategic roles at Google and are currently dedicated to advising and investing in supremely talented early-stage teams. XG Ventures was an early investor in Tapulous.