Mobile Gaming Portal Joyme Wins Series C from Youku Tudou, Ourpalm
36Kr.com, 8/03/15
Beijing-based online entertainment company Lexiang Fangdeng (EnjoyFound), operator of mobile gaming web portal Joyme.com, has completed Series C funding from Chinese online video site operator Youku Tudou (NYSE: YOKU) and Beijing-based mobile game developer Ourpalm (300315.SZ). The company is reportedly planning a listing on China's OTC-style agency share transfer system, the National Equities Exchange and Quotations (NEEQ), at the end of the year, and is currently working with brokers to complete the preliminary steps.
In addition to the investment, Youku Tudou will establish an all-new Joyme operated gaming center on its platform expected to launch in mid-August. Joyme and Youku Tudou will also form a joint venture to publish games under an independent brand name, where Joyme will have greater access to Youku Tudou's IP resources, and Youku Tudou will be able to more fully utilize its IP resources (i.e. will be able to generate additional value from adaptation of its IP into video games).
Joyme currently has approximately 10 mln monthly active users.
Editor's Note: For more information on this topic, please see "Mobile Gaming Portal Joyme Lands RMB 130 Mln Funding," MD 2/11/14 issue.
Keywords: M&A mobile gaming Internet funding vertcal portal Youku Tudou Series C Ourpalm YOKU 300315.SZ National Equities Exchange and Quotations Joyme EnjoyFound IPO JV
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