China mobile gaming payment firm secures Series B round
Bertelsmann Asia Investment (BAI) has participated in a Series B round of funding for Mo9, a Chinese online game and virtual products credit payment service provider, which also counts Sequoia Capital among its investors. The size of the round was not disclosed.
Sequoia Capital was the sole investor in the Series A round last year.
Mo9, an online platform managed by Shanghai-based Gamax Interactive, allows users to play a game first and pay within seven days. It covers more than 50 titles, with users able to pay through third-party providers such as Alipay and via mobile phone.
An increasing number of Chinese are playing games on smart phones. Mobile online games revenue jumped 119% year-on-year in the first half of 2013, surpassing $400 million, according to iResearch.
Headquartered in Beijing, BAI is a strategic venture investor focused on early-to-growth stage investments particularly in the new media, education and business process outsourcing (BPO).
Han Kun Law Office served as legal advisor to Bertelsmann on this deal.
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