Global growth investor TA Associates has become a minority investor in Chinese browser-based game developer Forgame Tech.
Forgame has become one of the largest web game developers in China since it was founded in 2008, publishing popular multiplayer titles such as Soul Guardians, Ming Dynasty and Legend of Chaos.
Jason Tan, director for China at TA Asia Pacific, said, “With a diversified revenue stream, proven content development capabilities and a comprehensive game distribution network, Forgame has achieved significant growth since its founding.
“Given its robust product pipeline across multiple game categories, we anticipate continued strong performance by Forgame.”
Tan and Edward Sippel, TA managing principal for Asia Pacific, will join Forgame’s board of directors as part of the deal.
Qiming managing partner Hans Tung said, “We continue to see a favorable shift to browser-based, freemium games, with revenue from virtual goods sales expected to grow significantly.
“As the free-to-play model allows a user to play without purchasing an expensive game console, it is particularly attractive in regions with historically limited console markets such as China, South Korea and continental Europe.
“We anticipate significant ongoing market opportunities for Forgame in these regions.”
TA Associates has invested in more than 400 companies since it was founded in 1968, and has raised about $18bn of capital.
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