Free-to-play game developer secures SEIS investment package
Henley-in-Arden, 9 June 2014. Venture capital fund manager Mercia Fund Management (MFM) has announced a Seed Enterprise Investment (SEIS) in game developer and publisher Dab Gaming.
Dab Gaming builds and operates mobile free-to-play games and has recently launched its debut game BingoDab, bringing the excitement of playing real world bingo to mobile and tablet devices. The game features real dabbing of bingo cards and rewards for the speed and accuracy of your dabbing along with other surprises, awards and challenges. In the future, the company is looking to develop further free-to-play mobile products in the casino and sports betting verticals.
Dab Gaming has received £150,000 funding from Mercia Fund Management after completing its first round of funding, and combined with a further injection of £520,000 from private investors as the company looks to build and scale its mobile driven business model.
The business is just one of Mercia Fund Management’s growing portfolio of gaming companies benefitting from both finance and also sector expertise from former SEGA CEO Mike Hayes and ex-Codemasters MD Nick Wheelwright.
Darren Clarke, Co-Founder of Dab Gaming, commented on the deal: “The funding from Mercia Fund Management provides the financial boost we need to launch our business-to-consumer venture and realise our growth ambitions. Marketing, user acquisition and app store optimisation are our main priorities leading up to the launch of our mobile free-to-play games. In addition to this, the investment enables us to effectively support our team of developers, technical and marketing professionals.”
Darren added: “Mercia Fund Management has been extremely supportive and professional, and the specific gaming sector experience that the fund manager offers means that they bring more than just pure investment to the table.”
Dab Gaming was founded by three real money gaming industry professionals. Using its own in house technology its free-to-play products allow users to access full multi-player gaming in real time via their mobile handsets. Dab Gaming products feature a host of advanced features and functions including earning experience points, levelling up, tournaments, leader boards, sharing items with friends, daily challenges, jackpot games, progressive games and winning of additional items within the game.
The company already has a B2B sales agreement with Nektan, a Gibraltar-based real money casino provider. The partnership will see the resale of games to clients throughout Europe and the US.
Mike Hayes, head of Mercia Fund Management’s Digital and E-commerce Division added: “Funding provided by the Seed EIS has made it possible for exciting and scalable businesses like Dab Gaming to progress. Fortunately, in the recent budget, the Chancellor has backed SEIS funding for start-ups, so we envisage more gaming companies to benefit from this funding, just as Dab Gaming is.”