Casual applications network, Social Gaming Network (SGN), has raised USD15m in its first round of funding from investors including Greylock Partners, The Founders Fund, Columbia Partners and Novak Biddle Venture Partners. SGN says the funding will help it develop it gaming platform and produce more tools for its developers.
In addition, the funding will most likely help SGN pursue its acquisitions of social network applications. Last month, the startup bought several Facebook apps as it seeks to boost usage and develop a web destination for its games. This strategy also allows it to poach developers, including the creators of ‘Esgut’, ‘Free Gifts’ and ‘Nicknames’.
SGN was spun off from web hosting firm Webs.com, formerly Freewebs, creates and hosts applications for Facebook, MySpace, Bebo and Hi5. It competes with the likes of Zynga and Buddy Media, which recently raised USD6.5m in a Series B funding round.