October 23, 2014

Playstudios Closes $20 Million Financing Led By Jafco Ventures

Maker of Top-ranking Casino Apps myVEGAS Slots and myVEGAS Blackjack

 

Burlingame, Calif. (October 23, 2014) – Social casino developer PLAYStudios, known for its top-ranked free-to-play apps myVEGAS Slots and myVEGAS Blackjack, today announced that it has secured $20 million in Series C financing. The round was led by Jafco Ventures, with participation from its existing strategic and institutional investors.  The funding will be used to underwrite the company’s growth and provide greater strategic flexibility in the rapidly growing social casino game market.

 

According to Eilers Research, the global social casino game market is predicted to reach $2.7 billion by the end of 2014. PLAYSTUDIOS is well positioned to capitalize on this growth.  The company, with its myVEGAS franchise, is the only player in the category with two apps simultaneously holding top positions in major app stores – Apple, Google, and Amazon.  The company has posted impressive year-over-year growth since its first product launch in late-2012, with more than 18 million downloads and over 1.25 million daily active users.

“The PLAYSTUDIOS team, led by Andrew Pascal, is one of the best operating teams we have seen.  They have successfully captured the high ground in the rapidly growing social casino market,” said Joe Horowitz, Managing General Partner at Jafco Ventures. “We believe that the quality of their products and the loyalty of their players will allow PLAYSTUDIOS to continue to achieve explosive growth and dominate this category of the social gaming market.”

 

“The success of myVEGAS is, in part, a testament to the enduring allure and mystique of the Las Vegas experience.  We’ve wrapped that all up in an easy-to-play family of social casino apps with beautiful graphics, great game mechanics, and real-world benefits,” said Andrew Pascal, founder, president and chief executive officer of PLAYSTUDIOS.

 

The myVEGAS games are free to play and offer loyal users a chance to earn valuable real-world rewards from leading travel, leisure, and hospitality brands including ARIA, Bellagio, Royal Caribbean International, Cirque du Soleil, MGM Grand, Wolfgang Puck, House of Blues, Mandalay Bay, the Mirage, the Las Vegas Monorail, and Sugar Factory. To date, myVEGAS players have redeemed over 1 million rewards with a retail value in excess of $25 million.

 

About PLAYSTUDIOS

 

PLAYSTUDIOS is a developer of engaging casual games for mobile and social platforms. Founded by a team of experienced gaming and technology entrepreneurs, PLAYSTUDIOS’ free-to-play myVEGAS apps combine the best elements of popular social games with established gambling mechanics. Players enjoy an ever-growing collection of slot and table games and the opportunity to earn an unprecedented selection of valuable, real-world rewards from leading hospitality, entertainment, and leisure brands. Current myVEGAS reward partners include MGM Resorts International, Station Casinos, Wolfgang Puck, Cirque du Soleil, Royal Caribbean International , House of Blues, and Allegiant Air. For more information, visit the company’s website.

 

Play myVEGAS on Facebook

 

To download the myVEGAS Slots app, visit:

 

To download the myVEGAS Blackjack app, visit:

About Jafco Ventures

 

Based in Palo Alto, Jafco Ventures is a venture capital partnership that invests in early-stage companies with great teams that demonstrate differentiated technology, compelling business models and momentum in their respective markets. The firm’s focus is to help portfolio companies efficiently scale to realize great outcomes. Jafco Ventures has had the privilege to invest in market-leading companies such as Aster Data, FireEye, 41st Parameter, Infinera, MoPub, Palo Alto Networks, and Proofpoint. For more information about Jafco Ventures visit www.jafco.com.

 

Press Contacts:

For PLAYSTUDIOS – David Pascal

David@playstudios.com

(415) 500-5393

 

For Jafco Ventures – Christine Hinton

christine@521comm.com

(415) 939-0139