ngmoco, a publisher and developer for iPhone OS devices, has raised a new round of financing led by Institutional Venture Partners along with the company’s previous investors, including Kleiner Perkins Caufield & Byers, Norwest Venture Partners and Maples Investments.
IVP general partner Sandy Miller has joined ngmoco’s board of directors.
“We’re delighted that IVP shares ngmoco’s vision for creating and distributing freemium entertainment for the mobile internet,” says Neil Young, chief executive of ngmoco. “We’re looking forward to growing ngmoco both organically and strategically as we strive to build the very best next generation mobile entertainment company.”
In 2009 ngmoco introduced freemium games Eliminate Pro and Touch Pets Dogs. It also acquired iPhone OS social MMO company Miraphonic and the Epic Wars brand, and launched player network Plus+.
With its recent round of funding, ngmoco will grow its team, expand creation of new freemium games and leverage its technology to enable Plus+ as a development platform for partners to build and monetise free-to-play experiences.
“ngmoco is positioned to lead this next generation mobile internet games space,” says Miller. “ngmoco has the right team, the right resources and the right model to build a strong and lasting business at scale.”
Freemium is a business model which offers basic web services for free while charging a premium for advanced features.
