SAIF Partners & IDG Ventures Invest $4M in Mobile Social Gaming Company, PlaySimple, in Series A Funding
PlaySimple, in early 2015, had raised a total of $500,000 in its seed round from IDG Ventures. The mobile social gaming company was incepted in 2014 by four founders - Siddharth Jain, Preeti Reddy, Suraj Nalin and Siddhanth Jain.
SAIF Partners, the leading venture capital firm with over $4B under management, along with IDG Ventures have announced a Series A funding deal with PlaySimple, a mobile social gaming company. PlaySimple has secured $4 million from the venture capital firms and plans to infuse the fresh funds in expanding its team and developing new mobile titles that are targeted at global audiences across various casual gaming genres.
PlaySimple, in early 2015, had raised a total of $500,000 in its seed round from IDG Ventures. The mobile social gaming company was incepted in 2014 by four founders - Siddharth Jain, Preeti Reddy, Suraj Nalin and Siddhanth Jain. PlaySimple delivers addictive and engaging mobile games in the trivia, word and puzzle categories. The start-up successfully made it into the Google Launchpad Accelerator Program that empowers founders with unique ideas and guides start-ups through mentorship and equity-free support. Till date, PlaySimple has released two games, GuessUp and WordTrek which have garnered over 10 million downloads on Android and iOS.
Mayank Khanduja, Principal at SAIF Partners, said, “Gaming is a huge market internationally and a very competitive one. We have known the PlaySimple team for over a year and have been amazed by the growth they have got in a very short period of time. Their approach is quite unique and we have a high confidence in their success.”
Karthik Prabhakar, Director and Head - Fundraising at IDG Ventures India, said, “Although gaming is considered be a hit-and-miss business, PlaySimple's formula on building games and their highly data driven/analytical approach have allowed them to be successful. We believe that PlaySimple will emerge as one of the big product companies outside India. IDGVI has increased the investment in the company and will be working with them very closely to scale their business."
Siddharth Jain, Co-Founder at PlaySimple, said, “PlaySimple makes highly addictive games for the global casual gaming audience. Our rigorous data-driven approach has delivered strong results so far, and has the potential to make us a dominant player in the global casual gaming space. We’ve grown fast so far with a small but a sharp team; we’re actively recruiting top notch talent across engineering, design, analytics and product management functions to fuel our growth over the next couple of years."
As smartphone technology continues to evolve and emerge as the preferred platform for gaming, surpassing other content delivery platforms, PlaySimple is poised to become one of the most sought-after mobile social gaming companies going forward. With an ever-growing consumer appetite for mobile gaming content and the fresh round of funds, the company is set to further cement its rising popularity amongst gaming aficionados.