- Daily Zen
Hong Kong-based Playlab, a 3 year old mobile games company, which is focused in Southeast Asian regions, has received a five million dollar investment through Monk’s Hill Ventures to capitalize the mobile game market in the aforementioned regions where gaming industries have started blooming at a record high. The ‘Juice Cube’ and ‘Jungle Cube’ famed company revealed that it receives 1.5 million gamers on a daily basis, with more than 6 million players playing at least once in a month. Till date Playlab games company have raked in around $12 million as a revenue from the 2-year-old famed game, and it managed to grab the attention from Rovio, the ‘Angry Birds’ famed company, that helped in developing a title version under its flagship ‘Rovio Stars arm’ for the company, although the venture never came out with flying colors.
Playlab Co-founder and CEO, Jakob Lykkegaard Pedersen, mentioned in an interview, “We initially had one horrible game, followed by one pretty good one that didn’t make money. Then, Juice Cubes really hit it off.” He further stated that “Business grew a lot faster than we expected with Juice Cubes, before, we had no interest from investors, then after we got contacted by everyone. We don’t need the money, but the potential of a deal set off ideas of what we could do with more money.”
Earlier Industry Leaders Magazine reported that Co-founder Thomas Andreasen, Pedersen, and the other revenue sources collectively made an investment in Playlab games company for a $500,000. The company has always managed to attract the interest of investors so far, being Monk’s Hill investment as one of its prime example to unlock its potential.
Formerly known as ‘Pocket Playlab’ company, eyes to rule the entire Southeast Asian market of games, as it is a region where, approximately 600 million people or more spend on games generating the revenues of $1 billion. From the year of its launch, revenues of the gaming company keep doubling every year. The founders of the Playlab games company plan to take the advantage of the Smartphone Boom, which is majorly responsible for fueling the gaming interests in people.
With this opportunity, the company will be redeveloping its “Juice Cube” game series, increase the number of staff at its workforce, and set up a platform in order to publish itself across the Southeast Asian regions for smaller evolving studios like Infinity Levels, which is based in Bangkok, and its very own title “Ranch Run”. Along with helping startup firms, the blooming Industry leader in gaming company will also partner with larger firms in order to localize and adapt their firm for new audiences. Currently, the company plans to launch six games every year, which will be developed by its team at Playlab and the others from co-investment mergers.
“It will take a few years for Southeast Asia to truly develop as a games market, and most publishers will still develop for Western markets, but with this investment money, we can own it before everyone finds it fully attractive,” Playlab Co-founder Pedersen said.
The Investment by Monk’s Hill Ventures is said to be the first ever largest external investment that the company has made in a single largest deal from its own fortune of $80 million till date.
Read more articles from the same author at Industry Leaders Magazine: China Smart Cars Bag $1.8 Billion Investment from Ford