Hong Kong mobile gaming firm secures $5m in funding
Hong Kong-owned mobile gaming company Playlab has generated $5 million (€4.4 million) in Series B funding through Southeast Asia-focused venture capital firm Monk’s Hill Ventures.
Playlab, which also has studios in Thailand and the Philippines, will use the funds to further enhance its presence in the Southeast Asia gaming market.
The successful financing round will come as a further boost to Playlab, creator of the successful Juice Cubes title.
Playlab achieved growth of 850% in 2014 and last year acquired Manila-based games developer Abino Games as part of a wider strategy to enhance its service offering.
Jakob Lykkegaard Pedersen, co-founder and chief executive of Playlab, said: “The gaming market in Southeast Asia is growing incredibly fast, and our actions are a reflection of the demand.
“We already understand the gaming desires of consumers, so this funding will help us give the market what it wants.
“Now, we will be able to place bigger bets on games targeting the region. We expect to make a profit within two years.”