The latest funding round values the UK mobile games company at close to $500 million, three years after launch
LONDON--(BUSINESS WIRE)--Tripledot Studios, a rapidly growing mobile games company, has secured $78 million from three leading global investors, 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 rapidly scaled to strong profitability and has reached more than $100 million revenue run-rate as of the beginning of 2021. Tripledot has attracted an active user base of 11 million people, up from six million only six months ago, and 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.”
Hailing from household names such as Facebook, King, Peak Games and Product Madness - which was founded by Shiff - Tripledot Studios has been built with people and data at the heart of the Company. With offices in gaming hubs such as London and Minsk, the Company has been able to attract some of the very best talent in the industry, and the additional funding will enable the company to continue to grow.
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 and Minsk allow us to tap into some of the top pools of gaming talent in the world. This talent and the culture we build around it is our biggest asset.”
Tripledot has a diverse portfolio of titles such as Solitaire, Woodoku and Blackjack, which remain popular far beyond the traditional mobile app lifespan1. 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.”
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.”
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.”
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.”
To find out more about Tripledot Studios, please visit: Tripledot.com
About Tripledot Studios
Tripledot Studios was founded in 2017 by a group of friends and industry veterans from King, Peak Games, Facebook and Product Madness (which was founded by Lior Shiff, and is now one of the largest social casino companies in the world). With more than 90 employees across its two locations in London & Minsk, Tripledot Studios creates fun, long-lasting, and chart-topping mobile games that everyday gamers can enjoy. To learn more about Tripledot, please visit www.tripledot.com.
Eldridge invests in businesses across the Insurance, Credit, Technology, Real Estate, Sports, Media, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge, please visit www.eldridge.com.
About Access Industries
Access Industries is a privately-held industrial group with strategic investments around the world in excess of $25 billion. Founded in 1986 by Len Blavatnik, an American/British entrepreneur and philanthropist, Access invests in transformative companies to maximize long-term value and develop regional and global leaders. The Access investment portfolio is concentrated in six key sectors: media and telecommunications, natural resources and chemicals, real estate and hospitality, venture capital and technology, entertainment, and biotechnology. Access is headquartered in New York with offices in Europe. For more information, visit www.accessindustries.com.
About Lightspeed Venture Partners
Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise and Consumer sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 400 companies globally, including Snap, Nest, Nutanix, AppDynamics, MuleSoft, OYO, Guardant, Affirm, and GrubHub. Lightspeed and its affiliates currently manage $10.5B across the global Lightspeed platform, with investment professionals and advisors in Silicon Valley, Israel, India, China, Southeast Asia, and Europe. For more information, please visit www.lsvp.com.
1 According to Quettra Mobile Intelligence, mobile apps lose 80% of active users within 3-7 days
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