Mobile game start-up Company Scopely completed new round of financing

The mobile game development team and publisher Scopely stated on October 28 that the company has raised US$340 million in the recent financing activities. This round of financing was led by Wellington Management and NewView Capital.

According to news, pertaining to this round of financing, Scopel’s valuation now has doubled to US$3.3 billion as compared to the valuation in the previous round of financing a year ago.

During the epidemic, people had to be quarantined at home.  A large number of mobile users began to look for new way of entertainment. Statistics from the data company PitchBook show that as of October 26, Global venture capitalists have invested a total of US$4.3 billion in the gaming industry such as e-sports this year. This has significantly exceeded the total investment of US$2.7 billion in 2019.

Previously, the highest total annual investment in the global game industry occurred in 2018, when the total investment in mobile games reached US$5.9 billion. Javier Ferreira, Co-CEO of Scopely said to Reuters that the newly raised funds will be used in acquisition and expansion in new product categories.

In early 2020, Scopely ever announced the acquisition of FoxNext Games in Los Angeles. FoxNext has developed the RPG mobile game "Marvel Strike Force". Ferreira stated that the strong growth momentum of “Marvel Strike Force”, “Star Trek Fleet Command”, and "Scrabble Go" which was launched in March, has caught attention of Scopely.

Ferreira predicts that Scopely’s total revenue in 2020 will exceed US$900 million, which is double of that in 2019. Previously, Scopely's total revenue in 2019 increased 50% compared to 2018.