According to several sourced across the interweb, Canadian founded Kiip, which is based out of Silicone Valley may have raised anywhere from $8 to $10 million for a 20% equity stake in their burgeoning company. This would indicate a valuation of anywhere between $40 and $50 million. Kiip has revolutionized the way that companies advertise within mobile games, opting to partner with the companies to provide tangible real world rewards for successful achievements within games.
The funding news should surprise few given the interest and past funding rounds Kiip has been able to achieve. Following an initial venture capital round in 2010 when the firm’s founder Brian Wong was all of 19 years old, Kiip successfully raised an additional $4 million last year. That round included names such as Hummer Winblad, Crosslink Capital, True Ventures and angel Dave Morin of Path.
Given that facts are still little known, TQ remains unsure as to whether the new round of funding includes any of the aforementioned names, however we strongly that is indeed the case.
Kiip released a self-service platform in March, allowing businesses to integrate elements of gamification into their own applications. Thus far this has attracted the likes of Pepsi Co., American Apparel and Procter & Gamble amongst others. Kiip’s popularity is clear when considering that they are involved in upwards of 400 appls across both the iOS and Adroid platforms while also accounting for well over 100 million rewards based “moments” monthly. We will stay tuned regarding this news and provide updates accordingly. For now however, check out this intro video.
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