Chukong and Other Entertainment Software Cos. Level Up with VC
October 21, 2013
Chukong Technologies has raised $50 million in Series D funding led by New Horizon Capital, bringing its total funding to $83 million to date. The round also included participation from existing investors GGV Capital, Sequoia Capital, Steamboat Ventures and Northern Light. In addition to expanding on its success in mobile game development, publishing and game engine development, Chukong Technologies plans to also use the funding for R&D and marketing expenses for developing a mobile entertainment platform.
Chukong Technologies develops and publishes first-party mobile games under the Coco brand (formerly branded as PunchBox) and also works with developers like Gameloft, Nexon, Disney, Gamevil and Konami as an international localization and publishing partner under its CocoaChina brand. Additionally, the company supports and maintains Cocos2D-x, a cross-platform open source game engine.
A few of the investors that participated in the latest financing for Beijing-based Chukong Technologies are based in the U.S., and that's not a rare scenario. According to the PitchBook Platform, 308 companies involved in the entertainment software industry have received VC funding from U.S. investors since the beginning of 2009, and 62 of those companies are headquartered outside of the U.S. Among those 62 are ten companies based in China, including Chukong Technologies. The top non-U.S. country for entertainment software companies garnering U.S. VC, though, is the U.K., which is home to 13 such companies. China comes in second, followed by Germany (7).