Chinese web game and mobile game developer Ourpalm announced plans to invest USD2.3 million in Animoca Brands, which is known for developing Garfield-themed mobile game.
According to the agreement signed between Ourpalm and Animoca Brands, Ourpalm invested USD2.3 million in Animoca Brands and Animoca Brands will issue 11.11% shares to Ourpalm. With this transaction, Animoca Brands will be able to further expand the Chinese mobile game market. In addition, Ourpalm's co-CEO Steven Hu will join the board of directors of Animoca Brands.
Hong Kong mobile game developer Animoca Brands is the listed unit of Animoca, which is based at Hong Kong's Cyberport. The company was listed at Australian Securities Exchange in January 2015 and gained a meager USD2.4 million from the IPO. Both Animoca Brands and Animoca are mobile game developers; however, Animoca Brands focuses more on mobile games adapted from well-known TV and animation works for iOS and Google Play platforms. Animoca Brands' Garfield-themed mobile game had been downloaded over 40 million times by January 2015. In addition, the company developed related apps for classic cartoons, including Doraemon, Ben 10, Astro Boy, and Ultraman.
Animoca Brands is also committed to developing original products and its gaming products cover almost all genres. Animoca Brands claims its 170 games were downloaded over 130 million times in total.
Founded in 2004, Ourpalm was previously a telecom and service supplier and the company has now transformed into a mobile game and social networking game development. The company currently has over 2,000 employees and it has launched more than 200 games.