Los Angeles-based interactive entertainment and mobile gaming developer Scopely revealed it had raised $200 million in its Series D funding round. The free-to-play mobile publisher will have raised $458 million to date, with a valuation of approximately $1.7 billion.
The Series D funding round was led by NewView Capital, a venture capital firm led by former New Enterprise Associates (NEA) general partner Ravi Viswanathan which invests in growth-stage technology companies. Other participants include the Canadian Pension Plan Investment Board (CPPIB), investment management firm Baillie Gifford, and investment firm Blackrock. It also consisted of existing investors like Greycroft Partners, Revolution Growth, and Sands Capital Ventures.
“Scopely is emblematic of the rise of interactive entertainment and we have seen firsthand the team’s ability to repeatedly and successfully launch and sustain mobile products, which are complex live businesses,” said Ravi Viswanathan, Managing Partner of NewView Capital, in a statement. “Scopely’s technology platform coupled with their strategic partnerships and track record are unmatched in the western world and we are thrilled to deepen our relationship to support their next phase of growth.”
In late 2018, the company added two new games to its portfolio with ‘Looney Tunes World of Mayhem’ and ‘Star Trek Fleet Command’, which were both created by the recently acquired DIGIT Game Studios. These additions complement other portfolio free-to-play games that run on an in-app purchases model like ‘WWE Champions 2019‘, ‘The Walking Dead: Road to Survival’, ‘Wheel of Fortune: Free Play’, and ‘Yahtzee With Buddies’.
“With our business continuing to scale and the durability of our flagship properties, we are more bullish than ever on further expanding our portfolio through M&A. This funding round adds the financial support to pursue large-scale acquisition opportunities,” said Walter Driver, Scopely Co-CEO. Javier Ferreira, Scopely Co-CEO added, “The continued interest in our business is a great validation of both our momentum this past year and the fundamental strength of Scopely. We plan to continue to create and deliver the very best game experiences that are an important part of people’s lives – now on an even greater scale.”
Scopely will utilize the newly gained funding toward the company’s mergers and acquisitions (M&A) and investment strategy, to expand its current portfolio into new genres and intellectual property. The investment round follows the mobile gaming company generating over $1 billion in lifetime revenue this past summer, with over $400 million in annualized revenue.