Mobile entertainment network Scopely announced today that it raised $55 million in Series B funding, led by Greycroft Growth Fund, the company’s seed investor. Five other venture capital firms also participated in the round, including Evolution Media Partners and Elephant Partners, the latter of which was started by Warby Parker co-founder Andy Hunt in 2015 with a $150 million inaugural fund.
Scopely is a gaming network that develops and distributes mobile free-to-play game franchises. It was founded in 2011 by social gaming entrepreneur Walter Driver; Eytan Elbaz, former head of Google’s Domain Channel; business consultant Ankur Bulsara; and startup veteran Eric Futoran. The company is growing rapidly: It has launched six consecutive No.1 games in the iOS App Store, including “The Walking Dead: Road to Survival” and “YAHTZEE With Buddies.” It was also named the second fastest-growing company in America by Deloitte’s Fast 500, and it ranked number nine on Inc. Magazine’s 2015 “Inc. 5000” list.
YAHTZEE With Buddies | Credit: Scopely.com
According to the company, Scopely has quintupled its revenue in the past 18 months. “Scopely’s growth has been driven by our focus on publishing and monetizing products which we can do systematically and sustainably,“ said Walter Driver, CEO and co-founder of Scopely, in the press release announcing the funding. “We have a differentiated, scalable model in the games industry that can create durable long-term revenue streams across multiple genres.”
Mark Terbeek, a Greycroft partner who will join the company’s board of directors, agrees. “Scopely brings the technology, talent and monetization infrastructure necessary to launch products INTO massive global business that grow over time,” he said. “Scopely is at the forefront of the consumer transition from a world of linear entertainment to a world of interactive entertainment.”