May 23rd, 2007 by Arjan Olsder Posted in Companies & M&A | No Comments »
Greystripe has announced to have raised $ 8.9 million in their Series B funding round led by Walt Disney’s Steamboat Ventures. At the same time, Greystripe announced to have closed a deal to make a few Konami mobile games available on ad-supported basis.
In this funding round, coming from Steamboat Ventures, Dan Beldy joins Greystripe’s board of directors. With the funding, Greystripe is enabled to continue their growth and attract more advertisers, publishers and consumers. With the investment, the company hopes to grow in both Europe and Asia.
“Greystripe’s ground-breaking distribution model is recharging the mobile game industry and fueling an explosion in mobile content,” said Beldy. “Greystripe’s innovative AdWRAP technology and the value chain built around it have proven to be critical components to both mobile gaming companies and advertisers. Given its strong management team, market expertise and leading technology, the company is ideally positioned to capitalize on the tremendous growth in this area.”
"Steamboat’s investment marks a significant milestone for Greystripe,” said Michael Chang, CEO of Greystripe. “We’ve proven that in-game mobile advertising works as a viable alternative to making users pay for downloadable content. Steamboat’s support is a testament to our ability to lead this market and continue our international growth.”
The total funding received by Greystripe is now at $ 10,1 million. To date, Greystripe served 7 million downloads in 8 months of existence and the portfolio has grown to 800 mobile games available to consumers world-wide.
At the time of the press release, Greystripe also announced to have sealed a deal with Konami to bring both Frogger and Dance Dance Revolution, two of the most famous brands from Konami, to their consumer base. With this deal, Konami is the first publisher to bring high end brands otto Greystripe’s gamejump portal.
