Triple C leads Series A round in Australia's Virtual Gaming Worlds

According to The Next Web, Virtual Gaming Worlds had been trying to raise A$50,000 via crowd-funding website Kickstarter but its campaign was terminated just four days after launch, without explanation. Four weeks on, the company, which develops a Facebook casino game called Chumba World, has secured new investors.

Chumba World allows users to build their own casinos, slot machines and games tables using avatars as their characters. Other players can join in and play at the casinos, allowing the owners to make virtual money which can be converted into real money.

The company says the funding will be used to secure a gambling license, as well as to market the app on Facebook and develop a dedicated mobile version of the game. The company also says it will develop new features that enable players to monetize their casinos.

The gaming sector, particularly with regards to social gaming platforms, has been fertile hunting ground for venture capital investors in Asia in recent years.

In January, DCM invested an undisclosed amount in Series A funding to Cmune, a China-based developer of 3D social games. Its main product is UberStrike, a first-person-shooter game on Facebook. As with many social games, the application is free to download and money is made through the sale of virtual goods through micropayments.

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• Topics
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• Early-stage
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• TMT
• Venture