Mobile Games Developer Industrial Toys Secures $5M Funding Round.
Mobile games developer Industrial Toys has recently announced that it has raised an amount of $5 million in a funding round that was led by Accel Partners. As part of this recent financing, the Pasadena company will also be announcing the launching of its very first title, “Midnight Star”, which will becoming available this summer in beta.
Industrial Toys is an independent studio that has set itself to design mobile games for hardcore gamers. Founded by Alex Seropian, who also managed to found Bungie Studios, the team behind one of the most successful franchise “Halo”.
“We’re huge fans of mobile gaming, but we think there aren’t enough great mobile games for core gamers and we’re committed to changing that,” the company says on its website. “We’ll be mobile to the core, with games that let you have an immersive session at home that blows your mind apart as well as a 30-second experience that still moves you forward while you’re waiting for the bus.”
This Series A funding round represents Industrial Toys very first institutional financing and comes with a firm with a vast history within the gaming community. Accel Partners was a previous investor in Rovio, Gamefore, Supercell, Mind Candy and Playfish.
“Each new platform shift yields a crop of large, independent gaming companies. The shift to mobile and tablets is no different, but has largely targeted the casual or mid-core gamer. The opportunity to ‘activate’ core gamers is even bigger — the content just hasn’t been there,” said Vas Natarajan, a partner at Accel Partners. “Alex and team are developing for the gamers who’ve largely been underserved in this push to mobile.”
Industrial Toys had managed to receive funding from Angel investors as with worked on its first title.
Mobile games have become an increasingly fast-growing segment of the video game market, with revenue reaching nearly double from its $13.2 billion during 2013 to $22 billion in 2015, according to market research firm Gartner.