London-based Tripledot Studios, a mobile games company, has secured $78M (approx €65.6M) in its Series A round of funding from three leading global investors, Eldridge, Access Industries, and Lightspeed Venture Partners.
The latest round puts the company’s valuation at close to $500M (approx €420M), just three years after its launch.
Crafting games for everyone
Tripledot Studios was created back in 2017 when three friends Lior Shiff, Akin Babayigit, and Eyal Chameides, decided to create a new kind of games studio. With collective experience in company-building and game creation, their goal was to create fun, successful games for everyday gamers.
The company’s founders are industry veterans from King, Peak Games, Facebook, and Product Madness (which was founded by Lior Shiff, and is now one of the largest social casino companies in the world).
Speaking on the gaming industry, Tripledot CPO, Eyal Chameides, says, “Gaming has a reputation as a ‘hit-driven industry.’ We think this is a misnomer; it actually is a data-driven industry. Data is at the heart of everything we do with our focus on user acquisition, monetisation, product management, and data science. People are very surprised at our ability to scale evergreen products like Solitaire, and this is entirely due to our relentless focus on building a data-driven company.”
Some of Tripledot’s games include titles such as Solitaire, Woodoku, and Blackjack, which remain popular far beyond the traditional mobile app lifespan1. The Company also has several innovative titles in production, to be released in the near future.
Funds for launching new titles in 2021
Speaking on the use of the raised capital, Tripledot CEO & co-founder Lior Shiff, says, “This funding round is a major milestone for us. It’s a privilege to partner with leading investors who share our long-term focus and vision to create a truly great business. We will continue building brilliant games ourselves and are excited to roll out the next generation of Tripledot titles later this year. At the same time, the funding round will allow us to accelerate our growth by acquiring studios that can benefit from our expertise.”
President of Access Entertainment, Danny Cohen, will be joining the Company’s board.
The company had last raised $8M (approx €6.72M) in its Seed round funding back in November 2018. The round was led by Velo Partners.
Tripledot Studios has reported strong profitability and has reached more than a $100M (approx €84.1M) revenue run-rate as of the beginning of 2021. The company’s active user base has reached 11 million people, up from 6 million in the last six months.
Commenting on Tripledot’s vision, COO, Akin Babayigit, said, “We want to build the Apollo program of mobile gaming by bringing together the best people in the industry and collectively build the best environment in which to make games. Our offices in London and Minsk allow us to tap into some of the top pools of gaming talent in the world. This talent and the culture we build around it is our biggest asset.”
The company, in the last 12 months, has tripled its employee base to over 90 employees.