iPhone Games Start-Up Ngmoco Gets iFunded

iPhone_fourscreens_731.JPGWhat happens when two longtime Electronic Arts employees leave the video game giant, one to launch a start-up and the other to become a venture capitalist? According to VentureBeat, in the case of new iPhone games developer Ngmoco, the VC funds the start-up and takes a seat on the board.

Ngmoco, or next-generation mobile company, founded by former EA dude Neil Young, just closed its first round of funding, led by Kleiner Perkins partner Bing Gordon, who joined the VC firm in April after resigning as EA’s chief creating officer. Gordon has joined Ngmoco’s board.

The financing makes Ngmoco the latest recipient of a portion of Kleiner Perkins’ $100 million iFund. Maples Investments also ponied up some cash, which Ngmoco will use to develop, license and publish games for the iPhone.

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