Konvoy Ventures, a venture fund dedicated to esports & video gaming, has invested into San Francisco-based Game of Whales as part of their $2m (£1.72m) seed funding round. Game of Whales produces a suite of video game developer tools which programmatically increase customer conversion rates, the average revenue per paying user, customer retention, and helps prevent customer churn.
Speaking of the investment, Doron Kagan, Co-Founder & CEO of Game of Whales said: “We are thrilled to have the backing of Konvoy Ventures as endemic investors and believe they will be an asset as we pursue arming game developers and publishers with a fully automated platform that uses actionable insights to address player churn, drive in-app purchases and ad revenues.”
Game of Whales has claimed that when video game developers tested their software on 24M+ users, they saw churn decrease, revenue increase, and the conversion rate increase above the reported standard of 2%. Mobile developers had previously claimed that they are seeing a 50% daily churn rate, much much higher than when using the tools.
“We are thrilled to have the backing of Konvoy Ventures”
Josh Chapman, Managing Partner of Konvoy Ventures, said of the deal: “Doron, Maya, and Dmitry have built three successful companies in the industry – two of which were acquired, and the third, Deemedya, is still going strong with 220M downloads We are excited to help them build Game of Whales.”
Josh will be joining us at ESI New York on April 23rd for our ‘Investment in esports’ round-table alongside the likes of Bobby Sharma, Special Adviser to Sports Industry Team at Foley and Lardner LLP, and Chris Chaney from the Chaney Group.
Esports Insider says: With the push towards mobile gaming, especially in the Asian markets, anything that helps developers monetise their game is a good thing. It will be interesting to see if increased revenue for developers results in increased prize-pools for tournaments though.