Social Gaming Network, also known as SGN, has raised a first tranche of $2m in a second round of financing from Google CEO Eric Schmidt’s and Xing founder’s investment firm Tomorrow Ventures. The Palo Alto based game developer is focusing on developing high quality multi-player games for iPhone OS-enabled devices and most likely to release titles for the Android platform as well since Eric Schmidt’s firm is a primary investor. This news is in addition to other announcements of funding we’ve received in the past. Read more after the jump.
SGN’s multi-platform play allows players to play using any iPhone OS device – iPhone, iPod touch and iPad. Players can challenge their friends and other online gamers to high-quality action whether they are in the same room or across the world. Already approaching 25 million unique downloads on iPhone OS devices, the first infusion of funding from Tomorrow ventures (with expectations of a much larger second round of funding) should help SGN develop games that players on both iPhone and Android enabled devices can play. SGN’s aim to pull off multi-platform gameplay could be successful, especially with high quality titles such as the recently announced EXO-Planet Elite under their bag.
We’ve heard a lot of announcement from key players in the social gaming industry announcing funding, including the giants Zynga, Playdom, and RockYou. Playdom back in November of 2009 raised $43m which was its first round of funding. This news came three days after the EA acquired Playfish for $275m in cash and $25m in equity retention agreements. RockYou has been on a funding spree raising $10m in its 5th round of funding earlier this month, bringing it to a grand total of $127m in funding five rounds. Zynga, the current leader amongst social gaming companies, raised $180m in December of 2009 from Digital Sky Technologies and the latest funding ‘announcement’ of $147m from SoftBank of Japan that’s not yet been properly confirmed.
Getting funding for social gaming companies is not easy as we discussed. Congratulations to the SGN team. Learn more about their latest game EXO-Planet Elite here.