Bangkok, October 14, 2015– Playlab, the Hong Kong-owned mobile gaming house responsible for Juice Cubes, has secured $5 million in Series B funding through the Southeast Asian-focused venture capital firm Monk’s Hill Ventures. The funding will be used to propel Playlab, which also has studios in Thailand and the Philippines with Singapore distribution, to the forefront of Southeast Asia’s mobile gaming marketplace, building operations across the region.
This round, one of the largest secured by a mobile gaming firm in Southeast Asia, comes on the back of Playlab achieving growth of 850% over 2014 and will drive Playlab’s international expansion. Following last year’s acquisition of Manila-based game developer Anino Games (Anino Playlab), Playlab will continue to focus on growth in Southeast Asia. The fastest growing mobile entertainment company in the region, Playlab has seen its staff increase from 20 to over 100 in the last year to keep up with game development demand. Operations will grow further under plans to work with global and local publishers to become the go-to partner in Southeast Asia.
According to Forest & Sullivan, Southeast Asia’s mobile gaming revenue is forecast to exceed $7 billion by 2019, following revenue of $1 billion in 2014. These bullish market expectations and Playlab’s record led to this funding, the largest to-date from Monk’s Hill.
“The gaming market in Southeast Asia is growing incredibly fast, and our actions are a reflection of the demand,” said Jakob Lykkegaard Pedersen, Playlab co-Founder and CEO. “We already understand the gaming desires of consumers, so this funding will help us give the market what it wants. Now, we will be able to place bigger bets on games targeting the region. We expect to make a profit within two years.”
Peng T. Ong, a founding partner and Managing Director of Monk’s Hill Ventures, a VC fund backed by Yahoo Japan Capital and Cisco, said: “As the gaming market matures in Southeast Asia, we expect to see an increase in the number of casual gamers, too. Since getting to know Jakob and his team, Playlab are the best people to service the high-end casual gaming market, and become the top game house in this region.”
Jakob Lykkegaard Pedersen continued: “We have seen the billion dollar Southeast Asian mobile market value double every second year and believe it will continue to behave this way. Partnering with a firm that understands this fast growing market, Monk’s Hill adds immediate value to our team. Together, we will be able to place more strategic bets and invest in the market to fully take over the region. Until now, we have kept Playlab bootstrapped, but with our rapid growth and so many opportunities on the horizon, the time for us to invest is now."