Qiming Venture Partners, a venture capital firm in China, and Ignition Capital Partners, another private equity firm, partnered with TA Associates on the investment, the firm said in a press release. Terms were not disclosed.
“We continue to see a favorable shift to browser-based, freemium games, with revenue from virtual goods sales expected to grow significantly,” said Qiming Venture Partners managing partner Hans Tung said in a statement. “As the free-to-play model allows a user to play without purchasing an expensive game console, it is particularly attractive in regions with historically limited console markets such as China, South Korea, and continental Europe. We anticipate significant ongoing market opportunities for Forgame in these regions.”