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Thursday, November 13, 2014

Mobile game startup Scopely raises $35 million to offer more titles, (NASDAQ: TTWO)

Scopely, a mobile game publishing startup, has raised $35 million in financing to produce new titles and invest further in building out the technology behind its games distribution network, the company said on Thursday. The Culver City, California-based startup, which was founded in 2011, has delivered a handful of games such as "Mini Golf MatchUp," which ranked among the top 5 games on Apple Inc's app charts. Scopely makes its own games and also funds and publishes games made by other game studios.The funding round was led by a joint venture comprising the investment firm TPG Growth that has also invested in ride-sharing company Uber, investment bank Evolution Media Capital and entertainment company Participant Media. Take-Two Interactive Software Inc, known for its popular "Grand Theft Auto" game, also participated."The new infusion will accelerate what we're already doing and enable us to increase the velocity of development that we're doing with a number of different studios," Chief Executive Walter Driver said in an interview."We'll be able to compete with the larger companies in the interactive entertainment space that have significantly more capital than we have."

Take-Two Interactive Software, Inc. is a developer, publisher and marketer of interactive entertainment for consumers worldwide. Shares of TTWO traded higher by 0.8% or $0.21/share to $26.32. In the past year, the shares have traded as low as $15.99 and as high as $26.80. On average, 1625650 shares of TTWO exchange hands on a given day and today's volume is recorded at 703661.