New partnership expands Joyme’s existing video game business collaborations to include Kee Ever Bright along with current partners Fosun, Blue Run Ventures and Youku Tudou
SEATTLE–(BUSINESS WIRE)–March 6, 2017–
Joyme Capital, an independent operating unit of China’s Joyme Group, announced today the signing of a strategic cooperation framework agreement with Kee Ever Bright Technology. The agreement establishes an investment fund to be held in limited partnership between the two firms, with initial target fund size of 140 million USD (1 billion RMB), set to grow to 360 million USD (3 billion RMB). The fund will focus on investment opportunities in game development, game distribution, e-sports and other businesses related to the creation and publishing of mobile and PC video games.
According to Yang Chen (C.Y.), founder and CEO of Joyme Group, “China is the largest gaming market in the world by revenue. And Chinese game players have huge appetites for Western games. However, developers and publishers continue to find China to be one of the most perplexing and challenging global regions for them to break into.” C.Y. continued, “With this Fund, we will look for opportunities to acquire ownership stakes in successful game developers. Our model of investment focuses on successful organizations. The combined financial and game publishing resources we are able to offer through this investment model give us unique strength in bringing Western games to market in China.”
This new partnership expands on Joyme’s history of collaboration with other leading businesses in the mobile games space. In 2016, Joyme announced a technology and content partnership with Youku Tudou, a subsidiary of global internet giant Alibaba, and China’s largest video sharing site. Joyme Group’s investor-partners include Fosun Kinzon Capital and Blue Run Ventures in addition to Alibaba’s Youku Tudou.
The fund will make strategic investments in game developers and related businesses that have demonstrated their ability to create successful games and generate strong revenue growth. As part of the overall investment strategy, Joyme will leverage the full portfolio of the Joyme Group to help ensure games’ successful entry into the Chinese market. The Joyme portfolio includes:
- Joyme Wiki, China’s largest community site for game-related user generated content (UGC)
- Joyme Laiwan, a technology partnership with Youku Tudou – China’s largest video site – which lets players upload video from mobile games to Youku Tudou with a single click
- Heyijoy, a game development and publishing partnership with Youku Tudou and Alibaba
“Chinese players hunger for and are inspired by the innovation that comes from the West,” said C.Y. “The games look and feel different; they are novel and challenging; they have unique storylines; and they are fresh with new technologies and game features not found in local content.” He continued, “We are excited to be able to help bring Western games to Chinese players.”
About Joyme Capital: Joyme Capital is an investment firm focused on helping mobile and PC game developers realize their global potential and connect them to the world’s largest gaming market, China. Joyme’s parent company, Joyme Group, operates China’s largest and most influential gaming community website in addition to publishing its own games. With an executive team composed of industry veterans from both sides of the Pacific, Joyme brings insight and understanding to the world of cross border investment and game publishing. Our deep experience creating, marketing, and – most of all – loving games give us a unique perspective in how to launch western games into the Chinese market.