Mobile game publisher Netmarble Games agreed yesterday to invest $130m in US-based mobile game studio SGN in a deal that will make it SGN’s largest shareholder.
Founded in 2010, SGN develops casual puzzle games for the Facebook, iOS, Android and Amazon platforms. Its portfolio includes Panda Pop, Book of Life: Sugar Smash and Cookie Jam, which won Facebook’s Game of the Year award in 2014.
The two companies will form a strategic partnership through the investment that will enable SGN to grow its presence in Asia, while South Korea-based Netmarble will look to harness SGN’s expertise to expand its market share in the West.
The size of the stake acquired by Netmarble through its investment was not disclosed.
Chris DeWolfe, co-founder and chief executive of SGN, said: “Through this major investment from Netmarble, we will use the proceeds for games studio acquisitions, and to accelerate our organic growth.
“Global market share is a top initiative for SGN and Netmarble is the perfect strategic partner to help us establish a major presence in the lucrative Asian markets.”
SGN previously raised $15.7m in 2008 from investors including Founders Fund, Greylock Partners, Columbia Capital and Novak Biddle Venture Partners, before securing another $2.5m from backers including Tomorrow Ventures and Lars Hinrichs in 2010.