San Mateo, Calif. – Mobile games publisher Glu Mobile
announced on Monday that it has completed a previously announced private
placement of its shares with existing shareholders, generating proceeds of
$13.5 million.
Shareholders participating included Greenway Capital, Cannell
Capital, Cypress Capital, Granite Global Ventures, New Enterprise Associates,
Scale Venture Partners and Stephens Investment Management.
Founded in 2001, San
Mateo, Calif.-based Glu has created mobile games based on brands from partners
including Hasbro, Konami, Microsoft, Sony and Warner Bros.
"Today we have
crossed an important milestone in Glu’s development and believe our business
plan to now be fully funded," said Glu CEO Niccolo de Masi.
"This
financing provides the working capital to advance our new strategic plan of
persistent, cross-platform mobile games. We have an exciting roadmap which will
roll out beginning in October of this year."
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