Maker of Top-ranking Casino Apps myVEGAS Slots and myVEGAS Blackjack
Burlingame, Calif. (October 23, 2014) – Social casino developer PLAYStudios, known for its top-ranked free-to-play apps myVEGAS Slots and myVEGAS Blackjack, today announced that it has secured $20 million in Series C financing. The round was led by Jafco Ventures, with participation from its existing strategic and institutional investors. The funding will be used to underwrite the company’s growth and provide greater strategic flexibility in the rapidly growing social casino game market.
According to Eilers Research, the global social casino game market is predicted to reach $2.7 billion by the end of 2014. PLAYSTUDIOS is well positioned to capitalize on this growth. The company, with its myVEGAS franchise, is the only player in the category with two apps simultaneously holding top positions in major app stores – Apple, Google, and Amazon. The company has posted impressive year-over-year growth since its first product launch in late-2012, with more than 18 million downloads and over 1.25 million daily active users.
“The PLAYSTUDIOS team, led by Andrew Pascal, is one of the best operating teams we have seen. They have successfully captured the high ground in the rapidly growing social casino market,” said Joe Horowitz, Managing General Partner at Jafco Ventures. “We believe that the quality of their products and the loyalty of their players will allow PLAYSTUDIOS to continue to achieve explosive growth and dominate this category of the social gaming market.”
“The success of myVEGAS is, in part, a testament to the enduring allure and mystique of the Las Vegas experience. We’ve wrapped that all up in an easy-to-play family of social casino apps with beautiful graphics, great game mechanics, and real-world benefits,” said Andrew Pascal, founder, president and chief executive officer of PLAYSTUDIOS.
The myVEGAS games are free to play and offer loyal users a chance to earn valuable real-world rewards from leading travel, leisure, and hospitality brands including ARIA, Bellagio, Royal Caribbean International, Cirque du Soleil, MGM Grand, Wolfgang Puck, House of Blues, Mandalay Bay, the Mirage, the Las Vegas Monorail, and Sugar Factory. To date, myVEGAS players have redeemed over 1 million rewards with a retail value in excess of $25 million.
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About PLAYSTUDIOS
PLAYSTUDIOS is the developer of award-winning casual casino games for mobile and social platforms, including POP! Slots, myVEGAS Slots, myVEGAS Blackjack, and my KONAMI Slots. Founded by a team of veteran gaming and technology entrepreneurs, PLAYSTUDIOS produces engaging apps that combine the best elements of popular social games with established casino gaming mechanics, allowing players to enjoy an ever-growing library of content and the opportunity to earn an unrivaled selection of real-world rewards from more than 70 iconic hospitality, entertainment, and leisure brands across 15 countries and four continents. In addition to connecting its rewards partners – MGM Resorts International, Wolfgang Puck, Resorts World, House of Blues, Gray Line Tours, and Hippodrome Casino, among others – with millions of players worldwide, the company’s groundbreaking playAWARDS platform provides advanced performance metrics and unprecedented insight into today’s gaming audience.
About Jafco Ventures
Based in Palo Alto, Jafco Ventures is a venture capital partnership that invests in early-stage companies with great teams that demonstrate differentiated technology, compelling business models and momentum in their respective markets. The firm’s focus is to help portfolio companies efficiently scale to realize great outcomes. Jafco Ventures has had the privilege to invest in market-leading companies such as Aster Data, FireEye, 41st Parameter, Infinera, MoPub, Palo Alto Networks, and Proofpoint. For more information about Jafco Ventures visit www.jafco.com.
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