N3twork Raises $40 Million In Series C Funding RoundMatt Perez / Forbes
Topline: Game and publishing tools developer N3twork announced today that it raised $40 million in a Series C funding round to expand the three main parts of its business: developing new games and building out its publishing platform and social media app.
- The round was led by Korea Investment Partners and also includes Griffin Gaming Partners, Galaxy Digital Capital, KPCB Holdings, TABLE, Blue Planet Software and Ocean Road.
- Former Lionsgate Interactive president and Griffin partner Peter Levin is joining N3twork's board of directors as part of the round.
- N3twork is the developer of mobile app Legendary: Game of Heroes, which reached $105 million in revenue in 2018 and has earned $250 million in its lifetime, and is currently in soft launch of multiplayer game Tetris Royale.
- Earlier this year, the company launched its "Scale Platform," which is a set of mobile live gaming and marketing tools provided to partnered third-party developers.
- The company is currently doing five to seven integrations a month with the Scale Platform, where it finances the marketing and gets a cut of the revenue earned on the game releases.
- It also has its gaming community app, The N3twork, which works with Legendary: Game of Heroes but is also another set of tools to serve third-party developers.
N3twork CEO Neil Young on Legendary: Game of Heroes: "The revenue that we've generated, that $250 million, we only just recently released in Korea, so that's all been generated in the Western markets. So the software has yet to be available in Korea, yet to be available in Japan and yet to be available in mainland China. And so we think that there's lots of opportunity."