Xfire Secures $3 Million for Asian Expansion

May 21, 2012 -

Social game matchmaking company Xfire announced this morning that it has secured an additional $3 million in funding. The company will use the cash injection to expand into Asian territories. The financing round was led by Singapore-based firm IDM Venture Capital. The cash follows the news that Xfire has inked a partnership deal with CHINA YOUTH GOYOR TECHNOLOGY (BEIJING) CO., LTD., who will help bring the service to more than 400 million gamers in Asia.

"Xfire’s Asian expansion and product pipeline are a key focus for our firm, and indicate the company is poised for exponential growth," said Denis Gamobramov, managing partner, IDM Venture Capital. "Gamers yearn for the type of broad-based social connections, content creation and in-game experience that is only possible through Xfire."

"The funding from IDM Venture Capital will allow Xfire to continue to add new features and support as we adapt our services for the Asian markets," said Malcom CasSelle, CEO, Xfire. "This interim round of funding directly benefits our team in the U.S. and China as well as our strategic partnership with CHINA YOUTH GOYOR TECHNOLOGY (BEIJING) CO., LTD."

This latest round of funding brings Xfire’s total amount raised to $7 million. The initial $4 million investment was led by Intel Capital in 2011. Xfire has headquarters in Santa Monica, California and Shanghai. For more information, check out www.xfire.com.


 
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