D.CN Receives Over US$20 Million in New Financing; Mobile Games Prove Highly Profitable
BEIJING, April 18, 2012 /PRNewswire-Asia/ — China’s largest mobile game platform D.CN announced on April 18 that it has received additional financing of over US$20 million.
D.CN was founded in Beijing in February 2004, and received an investment of US$12 million from Qiming Venture Partners during its first round of financing in July 2010. Last month (March 2012), D.CN received over US$20 million during its second round, a round that was led by SAIF Partners, and co invested by a number of key VC firms including Qiming Venture Partners and Beijing Grains Valley Capital Co., Ltd. Financial advice was provided exclusively by China Renaissance.
Since the second half of 2011, investment in the internet and mobile internet sectors has clearly been slowing down in China. So far this year, US capital markets have witnessed only a handful of new listings for China companies. With this US$20+ million injection, D.CN is cognizant of its luck in being the recipient of such a top prize, placing the firm in the position of leader as venture capital activity in the mobile game sector sees a rebound.
Data from Analysys International show that China’s overall mobile game revenue reached nearly RMB4 billion (approx.US$635 million) in 2011, with there being no doubt that the mobile game platform is becoming the battlefield where dominance in the game industry will be fought going forward. PC game giants including Shanda Games, Kingsoft, The9 Limited are all adjusting their strategies so they can establish presences in the mobile game sector, as this is where the majority of the mobile internet players see as the major source of their profits in the coming two to three years.
Commenting on this investment, SAIF partner Daniel D. Yang said: “SAIF has a deep understanding of the game industry, and has had great success with its internet plays through investments in Shanda Interactive Entertainment Limited and Perfect World. The investment in D.CN marks the beginning for SAIF’s overall plan in the mobile game sector. D.CN is currently the most downloaded on and the most popular game social network base on game interest graph in China. We believe that the positioning and experience of D.CN will bode well for our future prospects in the sector.”
“During the intervening two years since Qiming originally invested in D.CN in 2010, the D.CN team has successfully transformed its platforms from feature phones to smart phone. We are optimistic about D.CN team’s execution abilities and their leading position on smart phone platforms,” said JP Gan, a managing director at Qiming Venture Partners.
D.CN now has 56 million mobile phone game users, and, on average, the game is downloaded in excess of 7 million times daily. D.CN is similar to Gree which is the leading mobile game social network in Japan.
D.CN CEO Harry Xiao said: “I believe that mobile games will surpass PC games soon, and China will have the biggest mobile game market in the future. D.CN will expand the mobile game user base by our powerful interest graph.We will launch a game developer cooperation plan next month, and team up with domestic and foreign mobile game developers to bring more social and online mobile games to China users. D.CN has seasoned experience in working with global developers, and we have 700 game developer partners in the world.”
D.CN is first partner in China and assisted Angry Birds of Rovio’s landing onto China market last year.
D.CN is largest mobile game platform in China,Founded in Beijing in February 2004, D.CN received an investment of US$32 million from Saif partner and Qiming Venture Partners. With its mobile game user interest graph, D.CN gathers 56 million mobile game users. D.CN is the first choice for game users in China, providing game downloads, user groups, ranking, and game experience sharing for users.
For more information, please visit: www.d.cn.
CONTACT: Shuang Liang Tel: +86-10-8766-7022 x625 E-mail: firstname.lastname@example.org Twitter: @dcn_game