LA-based unicorn Scopely plans to expand its portfolio through mergers and acquisitions with other digital games companies.
Scopely, the mobile gaming company that recently acquired Dublin games studio Digit, announced on Tuesday (29 October) that it has raised $200m in strategic funding to expand its portfolio through further acquisitions and investments.
The Series D financing was led by NewView Capital with participation from Canada Pension Plan Investment Board (CPPIB), Baillie Gifford and returning investors Greycroft Partners, Revolution Growth and Sands Capital Ventures.
Los Angeles-headquartered Scopely acquired Digit in May 2019, leaving Digit CEO Richard Barnwell in charge of operations and the company’s team of 70 employees in Dublin. Following the deal, Scopely announced plans to significantly expand its offices in Dublin and Barcelona.
The gaming studio is best known for mobile games such as The Walking Dead: Road to Survival and WWE Champions.
Plans for the funding
After securing the $200m in funding, Scopely is now worth an estimated $1.7bn, according to the company.
In a statement, Scopely said: “The investment round follows the achievement of more than $1bn in lifetime revenue this past summer alongside a number of recent milestones that have more than doubled Scopely’s valuation in just one year.”
Walter Driver, co-CEO of the games business, said: “With our business continuing to scale and the durability of our flagship properties, we are more bullish than ever on further expanding our portfolio through M&A. This funding round adds the financial support to pursue large-scale acquisition opportunities.”
Javier Ferreira, Scopely’s other co-CEO, added: “The continued interest in our business is a great validation of both our momentum this past year and the fundamental strength of Scopely. We plan to continue to create and deliver the very best game experiences that are an important part of people’s lives – now on an even greater scale.”
The company plans to increase its focus on mobile gaming, which is now one of the biggest and fastest-growing categories in interactive entertainment.
Ravi Viswanathan, managing partner at NewView Capital, said: “Scopely is emblematic of the rise of interactive entertainment and we have seen first-hand the team’s ability to repeatedly and successfully launch and sustain mobile products, which are complex live businesses.
“Scopely’s technology platform coupled with their strategic partnerships and track record are unmatched in the western world and we are thrilled to deepen our relationship to support their next phase of growth.”
According to Crunchbase, the company has now raised a total of $458.7m.