Global gaming company Playsnak, which is based in Berlin and Los Angeles, has closed a $1.3 million seed financing round from South Korean venture capital firm K Cube Ventures, the corporate venture capital arm of KOSDAQ-listed Internet services firm Kakao Corporation.
“Through this funding Playsnak will focus on developing and finding innovative VR and mobile games, as well as focusing on bringing the Asian and Western game market closer together and becoming a true global player in the game industry,” said Playsnak Founder & CEO Paha Schulz.
Playsnak is led by Schulz and co-founded by industry veterans. On average, the founding team has average in excess of 15 years experience in the gaming and entertainment industry at game studios such as Crytek, NCsoft, Electronic Arts and Nintendo. It concentrates on mobile and VR game development and publishing, which sees the company publishing third-party mobile games from Asia in the Western market, as well as developing its own VR games.
According to Playsnak, the latest investment will be used to further strengthen its market position, with a focus on product development, talent acquisitions and expansion of business operations.
K Cube Ventures itself is an investment arm of Kakao Corporation and focuses its investments on ICT/SW startups. These ventures are primarily operating in the mobile, technology and video game categories. These transactions sees them committing between $100,000 and $2 million per startup.
One of its recent investments in mid-October saw K Cube Ventures announce an investment of $356,000 in Jubilee Works, the developer of mobile scheduling app “Jubilee TimeTree” alongside investors such as Seibu Shinkin Capital, SMBC Capital Markets, Plantree Partners and Toei Animation. Jubilee TimeTree is a mobile app that enable a small group of users to coordinate their schedules via a shared calendar and reports 2.3 million registered users, of which more than 1 million are active.
Another recent investment was in Indonesian mobile lock screen advertising service Cashtree, where it participated in a $4 million Series A round with Korea Investment Partner.
According to its website, it maintains assets under management (AUM) of $100 million, with four funds active and available for investments. These are the K Cube Venture Fund with a corpus of $10 million raised in June 2012; the Kakao Ventures Fund with a corpus of $30 million raised in July 2013; the Kakao Digital Contents Fund with a corpus of $35 million raised in December 2015; and the Kakao Game Growth Share Fund with a corpus of $30 million raised in March 2016.