Singapore gaming studio Mighty Bear has raised a US$775,000 pre-seed funding round led by Global Founders Capital, the venture capital arm of Rocket Internet.
The studio says it’s out to build the next generation of massively multiplayer online mobile games. The first title, Project Loot, is still under development and due to be released in the fourth quarter of 2017, according to the firm’s website.
Candy Crush fame
Mighty Bear was founded in 2016 by Benjamin Chevalier (Art Director), Simon Davis (CEO), Fadzuli Said (CTO), and Saurabh Shukul (CIO). All four of them used to work at King – the maker of Candy Crush Saga. They started their own gaming company after King closed down its Singapore unit Nonstop Games in 2016. King had acquired the previously independent studio in 2014.
Global Founders Capital is associated with German venture builder Rocket Internet. All three Samwer brothers – the founders of Rocket Internet – are partners in GFC. Officially, the first GFC fund launched in 2013, the same year it invested in Indonesian online travel agent Traveloka. That was its first bet in Southeast Asia. The Samwer brothers have investments in companies like Facebook and LinkedIn through previous investment vehicles, which were later merged with GFC.
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