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PALO ALTO--- Wellington Partners Invests Over $17 Million in GameDuell |
| 7/3/2008 @ 10:03 AM
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Today Wellington Partners (www.wellington-partners.com/), one of the leading international venture capital firms, announced that it has invested over $17 million (euro 11 million) in GameDuell (www.gameduell.com/), one of the fastest-growing skill game sites and the number one games community in Germany. This Series B funding will be used to accelerate the company's international expansion into other European countries and the United States, and build on the current 10 million members.
"Our results in France and Spain show that our marketing strategy is internationally successful and that our know-how in the development of online games and a games community drives international demand. We now intend to use our competitive edge to expand into further European markets as well as in the United States," explains GameDuell co-founder and CEO Kai Bolik.
GameDuell develops and operates skill-games, which include Solitaire, Mahjong, Sudoku, Pool and Darts. GameDuell has more than 200 media partnerships and is Germany's third-largest online advertiser. The Berlin- based company currently employs 80 people and plans to double the workforce in the coming months.
GameDuell's management team is headed up by experienced Internet entrepreneurs Kai Bolik, Michael Kalkowski and Boris Wasmuth. GameDuell received Series A funding from Holtzbrinck Ventures and Burda Digital Ventures in 2004. Now, Wellington Partners will invest in a proven business model with the potential for global market leadership.
Wellington General Partner Frank Boehnke explains: "Worldwide, more than 200 million people are already using the Internet as a games platform. With its sophisticated technology, years of experience and an excellent management team, GameDuell has the chance to shape this progressive market worldwide."
About Wellington Partners
Wellington Partners is one of the most successful international venture capital firms. With $1.2 billion under management and offices in London, Munich, Palo Alto and Zurich, the firm invests in companies that have the potential to become global leaders, in the areas of Information Technology, Media Convergence, Cleantech and Life Science.
Since 1998, Wellington Partners has established a worldwide network to aid its entrepreneurs in building companies on a global scale. Wellington Partners has invested in more than 100 companies including publicly-traded Actelion, SAF and XING, and successful privately-held companies like Alando (acquired by eBay) and ImmobilienScout24 (acquired by Deutsche Telekom) as well as current portfolio companies like Adconion Astaro, Questico and Truphone. For more information please visit www.wellington-partners.com/.
About GameDuell
GameDuell is Germany's largest games community with 10 million members and the most widely visited German Internet games site. GameDuell members can test their skills against other players in exciting skill games, and win attractive prizes in the process. Formed in 2003, the company is headed up by its founders Kai Bolik, Michael Kalkowski and Boris Wasmuth, and employs more than 80 people. GameDuell numbers among Europe's most innovative Internet companies, winning the prestigious Red Herring 100 Europe Award in 2007. Further information is available at www.gameduell.com/ under press. |
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