Newly Merged 6waves Lolapps Raises New Funds Rapid Growth of Second Largest Social Gaming Network and Game Development To Continue
SAN FRANCISCO, Aug. 4, 2011 /PRNewswire/ -- 6waves Lolapps, a recently formed group between a merger of global social games publisher Six Waves Inc. and top-ranked social game developer Lolapps, Inc., today announced that it has received new investment from two well respected sources. This additional funding will allow the group to further accelerate its international expansion, as well as to grow the Lolapps' game development studio. Investors included worldwide leader in microtransaction-based online games, Nexon Co., Ltd. with additional support from existing investor Insight Venture Partners. Terms of the investment were not disclosed.
"We are thrilled to be teaming up with 6waves Lolapps in such a significant way," said Seung Woo Choi, CEO of Nexon Co., Ltd. "By joining forces, we are combining 6waves Lolapps' experience in publishing and developing social games with our extensive knowledge of free-to-play games and the microtransaction business model. We made this investment because we believe that 6waves Lolapps places the same value that we do in providing exciting games to our players and driving growth for the company by doing so."
"Social gaming continues its grip as one of the most exciting internet categories," said Jeff Horing, Managing Director, Insight Venture Partners. "6waves Lolapps is a clear global market leader, with enormous distribution, best-in-class game development and an impressive management team. 6waves Lolapps is poised to become the next great social gaming company."
"We are pleased to have earned confidence from our newest investors Nexon and receive continued support from Insight Venture Partners," said Rex Ng, CEO of Six Waves Inc. "With their support we are able to aggressively scale the company and continue our mission of offering developers the best possible publishing platform together with developing quality games through Lolapps which will combine to give consumers an unparalleled gaming experience."
Having announced its merger in mid-July 2011, 6waves Lolapps:
- Is the world's second largest social gaming network
- Develops social gaming's next generation gaming experiences such as Ravenwood Fair
- Publishes games of multiple genres from developers all over the world to different social networking platforms
- Owns the Fliso Engine, the industry's most powerful performance engine for running isometric Flash games
- Engages more than 35 million monthly active users
- Has offices in the United States, Japan, Hong Kong and the United Kingdom
About 6waves Lolapps
6waves Lolapps is the second largest social gaming network. The company was formed in 2011 when global publisher of social games Six Waves Inc merged with fast growing social game developer Lolapps, Inc. Focused on global growth, the company has offices in the United States, Japan, Hong Kong and the United Kingdom, , with its games reaching approximately 35 million global monthly active users. 6waves Lolapps aims to bring the best gaming experience to the world's most popular social platforms.
About Nexon Co., Ltd.
Nexon Co., Ltd. is a worldwide leader in microtransaction-based online games. Headquartered in Tokyo, Japan, Nexon was founded in 1994 to bring the best in online entertainment to the world, and currently services 30 online games in 72 countries. In 1996, Nexon developed the world's first graphic massively multiplayer online game (MMOG). Nexon also pioneered the microtransaction business model beginning in 2000, in which play is free and users can purchase in-game items to enhance their gaming experience. KartRider, MapleStory, and Dungeon & Fighter are among Nexon's most popular franchises and have been played by more than half a billion players worldwide. The company is privately held.
About Insight Venture Partners
Founded in New York in 1995, Insight Venture Partners is a leading growth-oriented, entrepreneur-focused private equity and venture capital firm focused on expansion and late stage investments in the global software, Internet and data services industries. Insight's team is composed of experienced investors and operating executives with more than 150 years of collective experience in its focal industries. With over $5 billion raised since inception and a large network of technology experts, Insight provides strong support to its portfolio companies. In 2009, Insight was named among the Top Ten VCs Globally by Red Herring Magazine.
SOURCE 6waves Lolapps