Shinezone Network, a China-based mobile game publisher backed by internet group Sina, has closed a RMB400m ($58m) series B round, Marbridge Consulting has reported.
Financial services firm Bank of Ningbo provided the funding along with China Fortune Securities, Shanshan Venture Capital, Jiuyou Fund, Nord Engine Asset Management Group and Hi-Tech Venture Capital Group.
Founded in 2011 with help from Sina, Shinezone develops and distributes mobile and browser-based games. It has so far published 23 games which are available in 18 markets.
The company intends to use the capital to expand its international distribution capabilities, partially through acquisitions, while growing its domestic incubator schemes, which it uses to source development talent. It also aims to float in China later this year.
Shinezone has not revealed details concerning its earlier funding but Marbridge reports its existing investors include Sina subsidiary Weibo, IDG Capital, the local venture capital affiliate of media firm International Data Group, Sequoia Capital, Yunfeng Capital, Innovation Works and DFJ Dragon Fund.