Korea-based game developer Smilegate has paid $112m for a 20% stake in SundayToz, a Korea-based developer that specialises in social and mobile games.
Smilegate is the developer of Crossfire, an online tactical first-person shooter (FPS) that the company claims is the most popular in its genre worldwide. The investment in SundayToz indicates that it is planning to diversify its offering by expanding further into mobile gaming.
Formed in 2008, SundayToz is best known for Anipang, a puzzle game on the Kakao messaging service that plays similarly to a cuter version of hit game Candy Crush Saga, and which at one point last year was generating $500,000 a day in revenue.
The company is backed by Softbank Ventures, a corporate venturing unit owned by Japan-based conglomerate Softbank, as well as venture capital firm Walden International, and had secured a reported $3m in funding before Smilegate’s investment.