Third round of investment boosts Axon Partners shareholding
After a third round of investment that brings its total commitment to $4 million, Axon Partners Group is now the major shareholder in social casino operator Akamon Entertainment, which is currently building its mobile strength.
Axon said in a statement this week that the renewed investment is to support Akamon's continued international expansion, especially into Latin America, with more than 40 percent of Akamon's current revenue coming from that region.
The investment will also continue to increase non-portal diversification, which now makes up 20 percent of Akamon's revenue.
Latin America and Southern European social gaming users now registered with Akamon total 20 million individuals. The number of monthly active users since 2013 has risen to an average of over 2.5 million, and Akamon has almost 500,000 daily active users, making it 10 times bigger than the main competitor in its segment, the company boasts.
It has predicted revenues of $20.4 million in 2014 and is currently on track to achieve these targets, Axon claims.
Akamon has also recently announced expansion plans; opening an office in Tel Aviv, Israel, through the acquisition of a local social gaming company, which has accelerated its mobile presence in 2014, and adds to its existing offices in Valencia and Barcelona (see previous InfoPowa reports).
The fast-growing start-up has also brought industry veteran Alex Cohen on board as chief product officer, as part of its 70-strong-team. Cohen has 10 years' experience in social gaming and has worked for high-calibre companies such as QuickSpin and American company International Game Technology.
Akamon attributes its success to a unique multi-channel distribution model and over 100 portal partners, as well as its broad product portfolio and local product strategy.
Alfonso de León, managing partner of Axon Partners Group, said Thursday:
"We have been impressed by the rapid growth of Akamon Entertainment into Latin American markets and this further investment will see it continue its exponential growth throughout the region. Now only 20 percent of Akamon's players' database come from its home country of Spain, a figure that was 90 percent before our initial investment. This demonstrates the potential of these markets for the social gaming industry."
Online Casino News Courtesy of Infopowa