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PapayaMobile raises $18m in Series B funding

27 Apr 2011

PapayaMobile, a social gaming network for Google’s Android tablet computers, has secured $18m in a Series B funding round from venture capital investors Keytone Ventures and DCM.

The company offers a platform for 350 game apps which can be played on the Android, which uses software by Google and is a rival to Apple’s iPad.

“Android growth in China over the next two years will be staggering,“ said Joe Zhou, founder and managing partner of Keytone Ventures.

“Couple this growth with the monetisation potential of mobile games in China and we believe PapayaMobile is well positioned to be the leader in social gaming platforms for the largest mobile market in the world.”

Keytone is based in Beijing and is focused on the mobile internet industry as well as other technology, cleantech and consumer companies, and manages $400m in capital.

DCM has offices in Beijing, Tokyo and Silicon Valley, and is focused on technology companies, especially social networks and gaming. The firm manages assets totalling $2bn.

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