UK’s mobile gaming startup Tripledot Studios almost hits $500M valuation after raising $78M
Tripledot Studios, a UK-based mobile games company, has secured $78 million from three global investment firms, Eldridge, Access Industries, and Lightspeed Venture Partners, in its Series A funding round.
Founded in 2017 by industry veterans Lior Shiff, Akin Babayigit and Eyal Chameides, the company has scaled to more than $100m revenue run-rate by the beginning of 2021. It raised the last official round in 2018, which was around $8 million and now with the latest funding, the startup has almost hit $500 million in value.
Further, Tripledot has attracted an active user base of 11 million people, up from six million, six months ago, and it has tripled its employee base in the last 12 months to over 90 employees.
Tripledot CEO, Lior Shiff remarked: “This funding round is a major milestone for us. It’s a privilege to partner with leading investors who share our long-term focus and vision to create a truly great business. We will continue building brilliant games ourselves and are excited to rollout the next generation of Tripledot titles later this year. At the same time, the funding round will allow us to accelerate our growth by acquiring studios that can benefit from our expertise”.
Tripledot has offices in gaming hubs such as London and Minsk, and the additional funding will enable the company to continue to grow further.
Commenting on Tripledot’s vision, COO, Akin Babayigit added: “We want to build the Apollo program of mobile gaming by bringing together the best people in the industry and collectively build the best environment in which to make games. Our offices in London & Minsk allow us to tap into some of the best pools of gaming talent in the world. This talent and the culture we build around it, is our biggest asset”.
Tripledot Studios was founded in 2017 by industry veterans from King, Peak Games, Facebook and Product Madness. With more than 90 employees across its two locations in London & Minsk, Tripledot Studios has created mobile games like Solitaire, Woodoku, and Blackjack. Further, the company also has several innovative titles in production, which are due to be released later this year.
Tripledot CPO, Eyal Chameides commented: “Gaming has a reputation as a ‘hit-driven industry’. We think this is a misnomer; it actually is a data-driven industry. Data is at the heart of everything we do, with our focus on user acquisition, monetization, product management, and data science. People are very surprised at our ability to scale evergreen products like Solitaire, and this is entirely due to our relentless focus on building a data-driven company”.
President of Access Entertainment, Danny Cohen, who will be joining the company’s board,said: “The extraordinary team at Tripledot Studios has rapidly built a special company in one of the fastest growing entertainment formats globally. Access Entertainment has a strong track record of identifying and supporting fast-growth companies in the media and entertainment sector, and we are delighted to invest in a management team that combines data science and creativity with such outstanding results.”
Eldridge Chairman and CEO Todd Boehly, said: “Mobile gaming has huge potential for growth and the Tripledot team has taken a thoughtful and ambitious approach to scaling the Company. We look forward to leveraging Eldridge’s gaming and eSports network to support Tripledot as they continue to grow and develop new games for all types of players.”
Lightspeed partner David Gussarsky added: “A truly ambitious team, with an impeccable track record, building the future of entertainment. This is what we saw in Tripledot and we are incredibly excited to partner with them.”