Social gaming start-up Kabam has received $85 million from a recent round of funding led by Google’s venture capital arm.
According to an article on Bloomberg (opens in new tab), the $85 million round of funding, which was co-led by Pinnacle Ventures, values the game maker at $500 million.
Kabam specialises in making games for social networking platform. The company is behind the popular ‘Kingdom of Camelot’ game on Facebook. The company has released four more titles after that and had 7 million unique monthly players as of January 1. Kabam claims that there are 1 million users playing its games every day.
With this recent round of funding, Kabam has raised a total of $125 million in venture capital funding since it was formed in 2006.
The company now plans to use the money it has raised to expand into more markets, fuel research and development by increasing hiring and to acquire other companies.
“We are targeting a different segment. It’s the hardcore gamers, who are spending their time on social networks, and discovering the games that Kabam makes. It’s very different from the social games that are out there today. We are seeing incredible growth and excitement in our business.” said Kevin Chou, Kabam’s CEO