Playlab, the Hong Kong registered mobile gaming house has secured $5 million in Series B funding through the Southeast Asian-focused venture capital firm Monk’s Hill Ventures. The funding will used to boost Playlab, to the forefront of Southeast Asia’s mobile gaming marketplace, building operations across the region. It currently also has studios in Thailand and the Philippines with Singapore distribution. They have produced titles that include Juice Cubes and Jungle Cubes, and co-developed Ranch Run.
Achieving 850 per cent growth last year, Playlab has secured one of the largest funding by a mobile gaming firm in Southeast Asia. Following last year’s acquisition of Manila-based game developer Anino Games (Anino Playlab), Playlab is focusing on its international expansion and will continue to focus on growth in Southeast Asia.
The fastest growing mobile entertainment company in the region, Playlab has seen its staff increase from 20 to over 100 in the last year to keep up with game development demand. Operations will grow further under plans to work with global and local publishers to become the go-to partner in Southeast Asia.
According to Forest & Sullivan, Southeast Asia’s mobile gaming revenue is forecast to exceed $7 billion by 2019, following revenue of $1 billion in 2014. These bullish market expectations and Playlab’s record led to this funding, the largest to-date from Monk’s Hill.
“The gaming market in Southeast Asia is growing incredibly fast, and our actions are a reflection of the demand,” said Playlab co-founder and CEO, Jakob Lykkegaard Pedersen. “We already understand the gaming desires of consumers, so this funding will help us give the market what it wants. Now, we will be able to place bigger bets on games targeting the region. We expect to make a profit within two years.”
Monk’s Hill Ventures, a founding partner and MD, Peng T. Ong said: “As the gaming market matures in Southeast Asia, we expect to see an increase in the number of casual gamers, too. Since getting to know Jakob and his team, Playlab are the best people to service the high-end casual gaming market, and become the top game house in this region.”
Pedersen continued: “We have seen the billion dollar Southeast Asian mobile market value double every second year and believe it will continue to behave this way. Partnering with a firm that understands this fast growing market, Monk’s Hill adds immediate value to our team. Together, we will be able to place more strategic bets and invest in the market to fully take over the region. Until now, we have kept Playlab bootstrapped, but with our rapid growth and so many opportunities on the horizon, the time for us to invest is now.”
