US-based free-to-play video game publisher Tilting Point received $235m yesterday in its first equity funding round, from investors including Red Ventures, an owner-operator of several digital media brands.
Growth equity firm General Atlantic led the round and was joined by a ‘strategic investor’ dubbed Kamerra.
Founded in 2012, Tilting Point develops and publishes free-to-play mobile games and forms partnerships with other developers to scale and promote their games.
The company’s titles include games based on well-known intellectual properties and its portfolio includes Star Trek: Timelines, SpongeBob: Krusty Cook-Off and Warhammer: Chaos & Conquest.
Tilting Point launched a $12m fund in 2016 dedicated to helping developers build a following for their games, before announcing two years later it would commit $132m in annual spending to the fund.
The funding this week will be used to co-develop new games, acquire more studios and launch new partnerships with developers on IP-based games while signing on more developers for the company’s live publishing model.
Samir Agili, Tilting Point’s president and co-CEO, said: “We have spent years perfecting our innovative model of helping developers grow their games, working with select partners closely and bringing new studios into the Tilting Point family, all without any traditional capital funding.”
“This investment will allow us to stretch the Tilting Point platform with stronger amplifiers for our partners, including enhanced expertise, new technologies and even greater [user acquisition] capital.”
The company also plans to expand into new geographic markets and new platforms, such as the cloud-based Facebook Gaming, which is operated by social network operator Facebook, and gaming company Nintendo’s Switch console.