Digital Chocolate Licks Up $5M Venture Loan
SAN MATEO, CA, NXT Capital's Venture Finance Group announced the close of a $5.0 million venture loan to Digital Chocolate, a leader in social games across a growing set of gaming platforms.
NXT Capital's Venture Finance Group today announced the close of a $5.0 million venture loan to Digital Chocolate, Inc., a leader in social games across a growing set of gaming platforms. This facility is being used to finance key growth initiatives. Digital Chocolate is headquartered in San Mateo, CA and is backed by Sutter Hill Ventures, Intel Capital, Bridgescale, DN Capital, Outlook Ventures and Greenspring Associates.
Led by industry veteran, Trip Hawkins, founder and former CEO of
Electronic Arts, Digital Chocolate is a leader in developing social games
that can be played across numerous platforms, including Facebook, Google+,
personal computers, consoles, mobile devices and tablet PCs. With a focus
on developing original brands, Digital Chocolate has created more than 100
different award-winning games. Galaxy Life, the company's most recent
cross-platform release, challenges users to compete with friends and
strangers in an all-out-for-control battle for the universe.
"Digital Chocolate has a tremendous reputation for developing social games
that are high-quality and extremely engaging," said Peter Fair, Investment
Professional, NXT Capital Venture Finance. "In a gaming universe where
70% of games are free-to-play but users still demand console-like content,
Digital Chocolate's ability to create immersive game-play across multiple
platforms is not only unparalleled, but a real competitive advantage."
"We are very pleased to be working with the NXT team," said Mark Richman,
Digital Chocolate's CFO. "NXT demonstrated a strong understanding of our
business and the broader gaming industry, which enabled a seamless
diligence process and a straightforward close. NXT structured a facility
that complements our growth plans and existing capitalization structure.
They have proven to be a real partner and we look forward to extending our
relationship over time."
ABOUT NXT CAPITAL VENTURE FINANCE:
NXT Capital Venture Finance is a newly formed business committed to
serving entrepreneurs by providing less dilutive, more flexible forms of
capital. With offices in Boston and Silicon Valley, NXT Capital Venture
Finance provides senior and subordinated term loans in the $1 to $20
million range to emerging growth companies backed by venture capital and
private equity firms, particularly those in the technology and life
science sectors. Target clients range from pre-revenue companies led by
dedicated entrepreneurs to late-stage, proven businesses seeking more
efficient growth capital. For more information, see
ABOUT NXT CAPITAL:
NXT Capital provides structured financing solutions to middle-market and
emerging growth companies, as well as real estate investors, through its
Corporate Finance, Venture Finance and Real Estate Finance groups. Based
in Chicago with offices in New York, Atlanta, Boston, Dallas, Newport
Beach and Silicon Valley, NXT Capital targets senior financing
opportunities up to $150 million with a hold size up to $50 million. See
www.nxtcapital.com for more information.
ABOUT DIGITAL CHOCOLATE:
Digital Chocolate has rapidly emerged as a leader in cross-platform social
games. Best known for Zombie Lane, Army Attack, Millionaire City and MMA
Pro Fighter, Digital Chocolate has been the fastest-growing maker of
Facebook social games with virtual goods in 2010 and led all software
companies in App Store downloads in 2009. Focused on original brands and
technology for a wide variety of platforms, the company has made over 100
different award-winning games and works with 200 leading web and mobile
channel partners in 80 countries. Digital Chocolate has operations in San
Mateo, Seattle, Helsinki, Barcelona, St. Petersburg, Bangalore and Mexico.
>> Click here for in-depth research on 9,000 startups and 5,000 VC investors
(c)2011-2020 by Massinvestor, Inc. For contact info, please check out our about