Japanese mobile gaming company Gree Inc. announced it had established a new mobile investment fund managed by a new publishing and partnerships group. But that upbeat news was tempered by Gree also confirming a reorganization of its U.S. operations that would result in some employees being laid off.
The fund’s first deal is a $3 million minority investment in MunkyFun. The game studio is best known for its games My Horse and Bounty Bots (pictured), which now join Gree’s catalog of titles like Monster Quest and MLB: Full Deck.
The news comes about a month after Gree said it was shutting down OpenFeint, the social network platform it acquired in 2011 for $104 million, to focus resources on the Tokyo-based team working on its own similar product Gree Platform.
Gree – http://gree-corp.com
MunkyFun – http://www.munkyfun.com
Venture Beat – After closing OpenFeint, Gree cuts jobs in U.S. offices
San Francisco Business Times – Gree layoffs follow OpenFeint closure