New York-based Tapinator, a developer and publisher of mobile games on Google's Play store, iOS app store and Amazon, has raised $2 million in gross proceeds via non-brokered private placement from Hillair Capital Investments LP.
Tapinator has development offices in Pakistan, Denmark and Indonesia.
Co-founder, president and Chief Technology Officer (CTO) of the company Khurram Samad recently expressed his optimism in a recent interview with technology blog TechJuice. “It’s not the money, but it’s the validation of our business model by institutional investors that excites me more.”
“Game industry is evolving fast and we are excited to be innovating in the space,” Samad said. “Media Houses, moviemakers, and other digital media ventures are using games for marketing and re-engagement.”
The funding will be used to support expansion initiatives, including development and marketing of the company’s mobile game portfolio, and the hiring of additional senior executive and engineering staff, a press statement issued by the company noted.
"We are delighted to welcome Hillair [Capital] to Tapinator's growing list of valued partners, and believe that its investment in our company strengthens our balance sheet, simplifies our capital structure, and represents a strong vote of confidence in our exciting business model and our future growth prospects," the press statement quoted the Chairman and CEO Ilya Nikolayev as saying.
In its first quarter financial report, filed just a month ago, Tapinator boasted of a 329% increase in gross revenue over the same quarter a year ago. “The Company's games portfolio grew to over 100 titles with over 65 million players and over 300,000 new daily installs,” the May 21 press statement claimed.
“Money should not be the deciding factor to initiate a start-up,” Samad recently told an audience at a TechJuice event. “If you are doing some innovative work money is definitely going to follow you.”
This story originally appeared on TechJuice.
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