American social online casino games developer Playsino has announced that it has secured $1.5 million in additional funding from a collection of investors that it intends to use in order to help introduce a range of new products.
Santa Monica-based Playsino was formerly known as Titan Gaming and stated that it is ‘focused on building the largest social casino game publisher on social networks and mobile platforms’.
It declared that the $1.5 million forms part of ‘what is expected to be much larger financing’ and was secured from a group of investors that included Singapore-based venture capital firm IDM Venture Capital, private investment firm Pacific Capital Group and ‘several prolific angel investors’ alongside existing partners Tomorrow Ventures, Jim Armstrong and Michael Huskins.
“Playsino's global potential is a key focus for our firm,” said Denis Gamobramov, Managing Partner for IDM Venture Capital.
“Virtual currency can play anywhere and Playsino's unmatched familiarity with this best positions it to become the world's largest social casino game company.”
The California firm said that the new financing is due to be used by Brock Pierce, Chief Executive Officer for Playsino and Managing Director for the Clearstone Global Gaming Fund, to ‘accelerate’ its ‘product offerings’ and recruit ‘key gaming veterans needed for the ambitious effort’.
“Social casino gaming combines the virality and addictiveness of a game like Farmville with the monetisation capabilities of mid to hardcore gaming,” said Pierce, who established the Zam massively multi-player online role-playing games website network in 2003 before selling up in January.
“I believe this sector will have many winners with some creating value in the billions. I aim to keep Playsino at the forefront of the race by ramping internal development, publishing relevant third-party content as well as acquiring the best independent players in the space.”