ALAX Raises $3.8M in Funding to Drive Mobile Gaming in Asia
Signs strategic partnerships with Torque Mobile and UTOO to deepen its consumer network in Asia, delivering global mobile gaming content to them
ALAX, a Hong Kong and Geneva based mobile game distribution platform, has raised $3.8 million from its token-based fundraise. With fresh funding, ALAX looks to strengthen its commitment towards bringing quality mobile gaming content to Asia. Funding will also help drive product development, international expansion and recruitment.
Kalvin Feng, Co-founder of ALAX, said, “We are grateful for our supporters and investors who have helped us to complete our fund raise. The ALAX team will be working hard to achieve everything we set out to do to build the global mobile gaming ecosystem, and building something our team will be proud of. The year 2018 holds a lot of promise for ALAX.”
Since its launch in Q1 2018, ALAX has seen a sharp rise in mobile phone, consumer electronic and retail partners, including in priority markets such as China, Hong Kong, Indonesia, Malaysia and the Philippines. In March ALAX announced its partnership with China and India based Gionee, among the world’s top smartphone manufacturers. Gionee has shipped over 40 million smartphones worldwide in 2016, and is growing from strength to strength. The company’s phones are now one of the most popular brands in India, adding to its presence in over 50 global markets.
Following Gionee, ALAX has announced partnerships with Torque Mobile, among the leading manufacturers of smartphones and tablets in the Philippines, and with UTOO, one of Southeast Asia’s most networked purveyors of mobile phones and accessories with over 106,000 stores across Malaysia and Indonesia. The partnership will Torque Mobile will allow ALAX to be pre-installed its smartphone and tablet devices, which helps bring mobile gaming content to millions of people in the Philippines and Asia. UTOO, meanwhile, will sell ALAX top-up cards in exchange for digital currency in their stores. This enables consumers without credit cards or bank accounts to make mobile game purchases easily. UTOO will receive ALAX tokens in the form of top-up cards from ALAX for a fixed price. UTOO can sell these cards to end users with an added margin.
Ee Soon Guan, Director at UTOO said, “We are proud to partner ALAX who, like us, see a huge potential in mobile gaming in Asia, specifically in making gaming content accessible. Together we are a step closer to a better mobile gaming future.”
Asia’s mobile gaming industry is set to grow significantly in the coming years. With ALAX now entering these markets, consumers and game developers will benefit from faster transaction times, reduced price of content, and opens gaming and app purchases to millions of ‘unbanked’ consumers. Previously, game developers would have to face fees of up to 70% and wait for the settlement for up to 6 months. Now, through ALAX, they will receive the payment immediately and the cost savings can then be transmitted into the development of their game portfolio. From the user point of view, they will have access to better game content for a lower price, and the possibility to use a method of payment that is as easy as an SMS payment.
The ALAX token is going to hit various exchanges, starting with QRYPTOS, followed by CREX24, and Coinbene. Once the tokens are listed on the exchanges they will be tradable, as well as used to obtain the ALA tokens.
According to a report published by Flurry Analytics, India currently ranks among the top five countries in the world for online and mobile gaming. The online gaming industry in India is estimated to be worth over $360 mn and poised to grow to $1 bn by 2021, as per a report by Google KPMG. Indian startups in the space are Smaaash, Nazara Games, PlaySimple, Flixy Games, GameXS and RedMonsterGames among others.
In March 2018, Sachin Tendulkar backed gaming company Smaaash has raised $6.17 mn (Rs 40.2 Cr) funding from 23 High Networth Individuals (HNIs). In December 2017, Mumbai-based mobile gaming company Nazara had raised $27.99 million (₹180 crore) from investor Rakesh Jhunjhunwala, who acquired a majority of its stake.
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