Steamboat Ventures backs $50m round for Chinese game developer Chukong


Chukong TechnologiesChinese private equity firm New Horizon Capital has led a $50m Series D financing round for mobile game developer Chukong Technologies.

The latest investment round, which was also backed by existing investors GGV Capital, Sequoia Capital, Steamboat Ventures and Northern Light, brings the company’s total funding to $83m.

Chukong was generating about $12m in monthly gross revenue in August.

CEO Haozhi Chen said, “With the proliferation of smartphones across China and countries worldwide, we see a significant opportunity not only to publish polished games and entertainment content but also to provide tools for developers to access emerging mobile platforms and overcome challenges caused by device fragmentation.

“There is a bigger play here than offering discrete mobile game experiences, and that’s what we’re going after.”

The company supports and maintains its own cross-platform open source game engine which is used by more than 400,000 developers in over 150 countries.

That engine powers 70 per cent of the top-grossing games in China, the company said.

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