The funding will allow the Thailand-based startup a bigger bite of Southeast Asia’s growing gaming pie
The funding will be used to expand operations in the Southeast Asian mobile gaming sphere. Playlab already has studios in Thailand and the Philippines while distribution is handled from Singapore.
Playlab has seen its staff increase to more than 100 from 20 in the last year to “keep up with game development demand.”
“The gaming market in Southeast Asia is growing incredibly fast, and our actions are a reflection of the demand,” said Jakob Lykkegaard Pedersen, Playlab Co-founder and CEO. “We already understand the gaming desires of consumers, so this funding will help us give the market what it wants. Now, we will be able to place bigger bets on games targeting the region. We expect to make a profit within two years.”
According to Frost & Sullivan, a consulting firm that provides market research and analysis, Southeast Asia’s mobile gaming revenue is forecast to exceed $7 billion by 2019, or a 700 percent increase within five years.
Such figures contribute to what is Monk’s Hill Ventures’ largest funding to date.
“As the gaming market matures in Southeast Asia, we expect to see an increase in the number of casual gamers too. Since getting to know Jakob and his team, Playlab are the best people to service the high-end casual gaming market and become the top game house in this region,” said Peng T Ong, Founding Partner and Managing Director of Monk’s Hill Ventures.
Playlab was founded in Bangkok in 2012. They have produced titles that include Juice Cubes and Jungle Cubes, and co-developed Ranch Run.
This post was originally published on e27.