Playlab, a Thailand-based mobile gaming company has raised $5 million in Series B round of funding led by venture capital firm Monk’s Hill Ventures.
Founded in 2012 in Bangkok, Playlab is a gaming company that has produced games like Juice Cubes and Jungle Cubes. The startup’s founder Jakob Lykkegaard Pedersen got involved in Playlab after selling his first startup Pagemodo started in 2011. “Business grew a lot faster than we expected with Juice Cubes,” said Padersen. “Before, we had no interest from investors, then after we got contacted by everyone. We don’t need the money, but set off idea of what we could do with more money.”
The fresh funds gained from this funding round will be used to widen its operation in Southeast Asian mobile gamin sphere. Pedersen said, “We are looking into several deals. Everything from IP and new studios to market grab. The first step is to find smartest people in each country and take it from there.”
Quite recently, Playlab has strengthened its team from 20 to more than 100 in the last year to keep up with the demand. The gaming market in Southeast Asia is growing incredibly fast, and our actions are a reflection of the demand,” said Pedersen, Playlab. “We already understand the gaming desires of consumers, so this funding will help us give the market what it wants. Now, we will be able to place bigger bets on games targeting the region. We expect to make a profit within two years.”
Playlab aims to dominate the mobile games market in Southeast Asia, a place with over 600 million people where money spent on games cross the $1 billion mark last year. The company is planning to invest in the market as they feel its the right time to own the market soon after it fully monetizes. Southeast Asia has been long neglected for gaming and Pedersen wants this situation to change and ensure to add what is missing and have a niche that is not available with the Western games.