$16m funding round for K2 network lead by investment arm of chip firmOnline games developer and publisher K2 has secured $16m in series B round of venture capital funding.
Intel Capital, the investment arm of Intel, lead the funding joined by new investors Greycroft Partners, Khosla Ventures and Novel TMT Ventures. Funding was also supplied by BV Capital and mvp Capital, which provided funds during the first round of money-raising.
The cash will be used to grow the company's line of Free2Play MMOGs - online games that don't require basic subscription fees and are funded by a mix of item/service purchases and premium subscriptions.
“The online gaming market segment is experiencing tremendous growth supported by multiple revenue models from subscription, free to play, advertising supported to micro-transaction and virtual currency,” said Alexander Marquez, director of strategic investments for Intel Capital.
“K2 Network’s extensive gaming knowledge along with its unique Free2Play model is well positioned to capitalize on this exciting opportunity in interactive entertainment.”