May 19th, 2009 by Arjan Olsder Posted in Companies & M&A | No Comments »
China Techfaith Wireless Communication Technology Limited has announced that it has raised $ 20 million for their One Net Entertainment mobile gaming company.
The investment comes from venture capital firm IDGVC Partners and Infinity Capital. IDGVC's US$10 million investment will be in the form of a convertible note convertible into ordinary shares of Leo Technology or TechFaith at the option of the note holder, and Infiniti Capital's US$10 million investment will be in the form of common equity. The transaction is subject to certain closing conditions.
Defu Dong, Chairman and CEO of TechFaith, stated, "We are pleased with the impressive progress of our gaming business and welcome the investment from IDG and Infiniti. One Net Entertainment has quickly established itself as a competitor to be watched in the wireless mobile phone gaming and PC online gaming markets. With this US$20 million investment, we expect to be able to execute on our growth strategy and pursue game development and publishing opportunities to even further accelerate One Net Entertainment's growth prospects."
