Challenge Games raises $10 million for web-based role-playing games

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Browser-based fantasy game company Challenge Games has raised a $10 million second round of funding.

Globespan Capital Partners led the round, which came just two months after the company raised $4.5 million in a first round. Sequoia Capital led the previous round and participated in this one as well.

The Austin, Texas-based company has two “quick fix” role-playing games, Duels and Baseball Boss, that run in a web browser. They are free games that encourage the trading of virtual goods. If you buy the goods, you can improve your chances of doing better in the games.

The company will use the proceeds to expand into Asia, launch its new game Warstorm, develop new titles and perhaps acquire rivals. Game sessions take about five to 15 minutes. A couple of months ago, the company said it had acquired 250,000 gamers playing Duels in the first 10 months after release. The company was founded by Andrew Busey in 2006.