Peter Chernin
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Gaming company Scopely adds $200 million more to its M&A stockpile
Scopely, the mobile gaming publisher behind titles including Marvel Strike Force, Scrabble Go, Yahtzee with Buddies and Star Trek Fleet Command, has added another $200 million to its hoard of cash for mergers and acquisitions.
While some startups are fearing a cash crunch, other businesses seem to be preparing to go on a shopping spree. The economic slowdown has many businesses reconsidering their prospects, and it’s a good time for startups and established businesses with lots of cash to consider going on a shopping trip.
With $650 million in venture dollars raised so far, Scopely can certainly consider making some bids. The latest $200 million doubles the amount of money the company closed on for its Series D round. Investors included Advance (the privately held media and publishing company behind Conde Naste and a slew of local news [online and print] publications), and the consumer-focused investment firm, The Chernin Group.
“The FoxNext Games acquisition reinforced our commitment to M&A, and the opportunity to partner with Advance and TCG was a welcome addition to further support our strategy,” said Javier Ferreira, the co-chief executive officer of Scopely, in a statement.
Advance’s investment comes as the company experiments with various new media, entertainment and publishing formats of its own and looks to invest in more digital media companies, according to a statement.
Chernin, a longtime investor in Scopely (since the company’s earliest rounds), said that its investment in Scopely on the heels of closing a $700 million new investment fund was a no-brainer.
“As the traditional media industry continues to go through unprecedented change, we believe that Scopely has all the ingredients for tremendous success — exposure to games (the fastest-growing sector in media), a scalable and durable technology platform, a diversified set of well-known IP, an attractive economic profile, and a team hyper-focused on execution and long-term success,” said Jesse Jacobs, a co-founder and partner at The Chernin Group .
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LA-based gaming company, Scopely, expands in Spain and Ireland
The Los Angeles-based gaming company Scopely is expanding its geographical footprint in Spain and Ireland.
The company is building out its Barcelona offices, tripling its office space and planning to significantly expand its 100-person-strong team in the city. Meanwhile, Scopely is also planning to invest heavily in expanding its strategy-focused game studio, DIGIT, in Dublin.
Scopely didn’t say how many jobs it would be adding in either location.
The company has now hit lifetime revenue of more than $1 billion across its franchises and recently launched “Star Trek Fleet Command” and “Looney Tunes World of Mayhem.” Scopely also has licenses to develop games for World Wrestling Entertainment and The Walking Dead franchise.
“We are thrilled to expand our European footprint to accommodate our exponential growth,” said Javier Ferreira, co-CEO of Scopely, in a statement. “I am excited to further lean in to the Barcelona market, which has top-quality talent. The same is true in Dublin with top tech talent flocking to the area, and both offices have amassed impressive highly-specialized expertise. Our Dublin and Barcelona teams play a critical role in the Scopely journey, and we are actively hiring across both markets.”
The company also plans to double its footprint in its hometown of Los Angeles in 2020.
The company has raised more than $250 million in financing to date, from investors including Greenspring Associates, Greycroft Partners, Revolution Growth, Evolution Media Partners, Highland Capital Partners, Horizons Ventures, Sands Capital Ventures, The Chernin Group, Take-Two Interactive, Kobe Bryant, Arnold Schwarzenegger, Peter Guber, Jimmy Iovine and Brendan Iribe.
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Joy raises $2.5M for its interactive photo frame
Joy, hardware startup and resident positive emotion, today announced the launch of its first product, the Joy Album — an interactive photo frame designed from the ground up. Joy has raised $2.5 million in seed funding from investors including Obvious Ventures, The Chernin Group, BoxGroup, and Maywic Select Investments. At first glance, the tablet-like device seems to have a lot… Read More
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