ngmoco scores $25 million in Series C

iPhone-centric mobile gaming developer and publisher ngmoco announced the completion of a $25 million Series C financing round led by Institutional Venture Partners. Previous investors Kleiner Perkins Caufield & Byers, Norwest Venture Partners and Maples Investments also contributed to the latest round--KPGB's iFund initiative led ngmoco's $5 million Series A round in mid-2008. According to ngmoco, the new round will enable the firm to grow its team and IP holdings, expand creation of new freemium games and leverage its Plus+ social play network as a development platform for partners to build free-to-play experiences. ngmoco reports that existing titles like Eliminate Pro, Touch Pets Dogs and Epic Wars have so far generated more than 12.5 million App Store downloads.

In related ngmoco news, the firm acquired rival iPhone game developer Freeverse. Financial terms of the deal were not disclosed. The Freeverse catalog features hit titles including Skee-Ball, Moto Chaser, Flick Fishing, SlotZ Racer, Flick Bowling and NBA Hotshot--the company will retain its own name, brand and management following the ngmoco deal.

For more on ngmoco's funding windfall:
- read this release

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