US mobile device publisher PlayPhone has started a $10m quasi-corporate venturing fund for developers of social games.
The 2011 PlayPhone $10m Social Power-Up fund will provide money to help companies monetarise their mobile social games launched on PlayPhone Social’s platform.
Anders Evju, general manager of PlayPhone Social, said: "We are one of the first in mobile social gaming to offer developers a development environment with mobile browser functionality supporting iOS and Android. "We are looking to lower the barrier of entry by creating a cross-platform product for developing mobile social games, while still continuing to build better ways to monetize them."
Founded in 2003, PlayPhone has raised nearly $30m from venture capital firms Menlo Ventures, Scale Venture Partners, Cardinal Venture Capital and Coral Group.