Mobile Game Developer Chukong Raised $50 million in Series D Funding

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Chukong
Chinese mobile game developer Chukong Inc. announced a series D round of $50 million, led by New Horizon Capital, a China-focused private equity fund. The round is joined by Northern Light VC (the first investor of Chukong’s), Steamboat Ventures, Sequoia Capital and GGV.

Before this round the company had raised $32 million in funding. Half a year ago, in the past April, the company closed series A round of funding from investors including GGV.

Earlier this year Chen Haozhi, founder of Chukong, said the company would possibly launch IPO in the U.S. sometime in this year.

Founded in 2010, the company got traction with a mobile game, Fishing Joy, which generates a big chunk of the total revenues through virtual item sales. Apart from in-house developed games from its Coco Studio, Chukong also operates licensed mobile games. Another revenue source is PunchBox, a mobile game advertising platform Chukong developed.

Chukong claims their mobile games are installed in 250 million mobile devices in China with over 10 million daily active accounts.

The founder expected the company’s annual revenue to reach 2 billion yuan next year with 300 million yuan in net profit.