Japan-based mobile gaming technology developer Playco launched yesterday with $100m in series A capital from investors including internet company Digital Garage.
Sequoia Capital Global Equities and Josh Buckley co-led the round, which also included Sozo Ventures, Caffeinated Capital, KSK Angel Fund, Mistletoe Singapore, Dreamers VC, Makers Fund and undisclosed participants. The round valued Playco at more than $1bn.
Playco plans to develop mobile games that can be played instantly even if users have not installed them. Its game engine is compatible with instant play technologies such as cloud streaming, Google Play Instant, iOS App Clips, Snapchat Minis and Facebook Instant Games.
The money will go towards building partnerships with social media and messaging companies, and the company has already partnered Facebook, Line Messenger, Rakuten Viber and Snapchat.
Playco will offer its games for free, looking to generate revenue through in-game purchases and opt-in advertising.
