Scopely, the maker of free-to-play mobile games such as The Walking Dead: Road to Survival, has raised $60 million in a third round of financing. Revolution Growth led the round, and that company’s leaders are former AOL executives Steve Case and Ted Leonsis.
The studio has grown its revenues nine-fold over the past nine quarters, and it will likely use the funds for strategic investments, commercial partnerships, and acquisitions. In June 2016, Scopely raised $55 million in its bid to be a leader in the $46 billion mobile game business.
Revolution Growth managing partner Donn Davis will join Scopely’s board. Additional investors in the round include Greenspring, Sands Capital Ventures, Cross Creek Advisors, and Pritzker Group Venture Capital. Scopely’s valuation is now more than $600 million.
“Closing less than 12 months after our Series B financing, Scopely’s new $60 million Series C financing is a great validation of the company’s momentum over the last year and because the company has already reached profitability this capital infusion will enable us to expand the business through inorganic means while we continue to execute on our path of organic growth in parallel,” commented Walter Driver, CEO and cofounder of Scopely. “The opportunity to work with the founding team of AOL is extremely exciting for us as they have a long history of operating at the intersection of technology and media.”
Scopely’s games have more than 125 million players, and and its hit The Walking Dead: Road to Survival alone has seen been played by more than 40 million people and generates annual revenues above nine figures.
Scopely said that its Wheel of Fortune: Free Play players have solved more than a billion puzzles, and WWE Champions has been a top-grossing product that’s been downloaded more than 10 million times in its first month of release.
“Scopely has built a unique and powerful platform to successfully develop, market, and monetize free-to-play mobile games,” said Donn Davis, managing partner of Revolution Growth, in a statement. “Their platform uses data and analytics to systematically produce No. 1 games that are great to play for fans and top producers for its brand partners.”