Investors are betting that you’ll spend more idle moments playing games on your phone.
Mobile gaming company Tripledot Studios raised $78 million in a Series A round led by Lightspeed Venture Partners, Eldridge, and Access Industries. CEO Lior Shiff said that the money would help Tripledot acquire other gaming studios.
Tripledot, founded in 2017, is best known for simple games like solitaire, blackjack, and the Tetris-like Blocks. The company could hit $100 million in revenue in the next 12 months.
Though not always as attention-grabbing as the major console and PC gaming operations, mobile gaming accounts for a large chunk of the industry’s growth.
- Mobile gaming revenue reached $85 billion globally in 2020 — just over half of total gaming revenues.
- Mobile games meet people where they are: In 2019, phones surpassed television in how much time people spend on them.
- The overall video game sector grew 9.3% in 2020 and is expected to reach $200 billion in revenue by 2023.
Tripledot is less concerned with blowing customers away with new concepts, focusing more on understanding and monetizing their users.
“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,” said chief games officer Eyal Chameides.