Glu Mobile Raises $13.5 Million

Sat, Jul 10, 2010

Funding, Industry, iPhone, Mobile

On Wednesday, mobile game publisher Glu Mobile announced that it has entered into an agreement for the sale of common stock, resulting in a substantial chunk of money via private placement of its shares: $13.5 million. The money is coming from ten existing and ten new investors, including Greenway Capital, GGV Capital, and New Enterprise Associates.

Glu Chief Executive Officer Niccolo de Masi states, “We are very pleased with the support of our stockholders in this private placement. The proceeds will significantly improve our capital structure as well as enable us to continue to execute on our new strategic plan of persistent, cross-platform mobile games.”

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Sarah Gray is a Weekend Editor at Frisky Mongoose focusing on video games and the social media that surrounds them.

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