KLab scores $9m in funding

KLab scores $9m in funding
Seth Tipps

By Seth Tipps

July 22nd 2013 at 8:28AM

International mobile developer continues rapid recovery begun with Microsoft deal

KLab has raised $9.3 million from two new investors, giving additional momentum to a recent recovery from troubles earlier in the year.

KLab's last financial report included a 7.7 million net loss, which the new investment has more than made up for.

The clouds soon lifted, and last month a deal with Microsoft gave the company the reins of development for the Xbox manufacturer's upcoming iOS and Android port of Age of Empires.

Analyst Dr Serkan Toto says the new money comes from Hakuhodo, an advertising and marketing company, and Oak Capital Corp, which contributed $6.6 million.

Hakuhodo brings an additional $2.7 million and KLab is expected to use the company's expertise to bring their games to a wider market.

The $9 million deal drove the stock price up 24 per cent in a matter of hours.