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Mobile game startup Scopely raises $340 million

Jane Lanhee Lee
·1-min read

By Jane Lanhee Lee

OAKLAND, Calif. (Reuters) - Mobile game developer and publisher Scopely said on Wednesday it raised $340 million in its latest round of funding, led by Wellington Management and NewView Capital.

The valuation nearly doubled to $3.3 billion, compared with the valuation after the last round a year ago, according to a source close to the company.

The latest big funding news comes as the gaming industry overall benefits from the pandemic which has kept people homebound and looking for new entertainment sources. According to data firm PitchBook, $4.3 billion of venture capital funding has been invested in gaming, including e-sports, globally this year as of Oct. 26, already exceeding the $2.7 billion invested in all of 2019.

In 2018, the total was $5.9 billion, a record investment year for the sector.

Javier Ferreira, co-chief executive officer at Scopely, told Reuters the new funding would be used for more acquisitions and an expansion into new product categories.

In early 2020, Scopely announced it acquired FoxNext Games Los Angeles, which is behind the hit “MARVEL Strike Force,” a story-driven role-playing game. Ferreira said Scopely saw strong growth for that game as well as games like “Star Trek Fleet Command” and a new mobile title, “Scrabble GO,” that was launched in March.

Ferreira expects Scopely’s revenue in 2020 to exceed $900 million, nearly doubling from 2019. Revenue in 2019 was up over 50% from 2018.

(Reporting By Jane Lanhee Lee; Editing by Nick Zieminski)