Virtual reality gaming start-up Playsnak has announced it has secured an additional $1.2 million in seed funding, completing its seeding round with a total of $2.5 million. The investment will be used to fuel the company’s development pipeline.
Founded in 2015, Playsnak received an investment of $1.3 million from South Korea’s K Cube Ventures last year. The $1.2 million it raised to complete its seed funding came from mobile game giant gumi Inc., whose portfolio includes popular RPGs including Brave Frontier and Phantom of the Kill. The Tokyo-based publisher and developer said their investment reflected both the scale of its global ambitions and Playsnak’s early promise in the VR space.
“We’ve been extremely impressed by what Playsnak has been able to achieve in the short period of time the company has been up and running,” said Hironao Kunimitsu, CEO of gumi Inc. “Its focus on creating first-class VR experiences fits perfectly with our own portfolio of products and ambitions to break new ground for gamers, and we believe this strategic partnership opens the door to exciting opportunities for both parties.”
“Investment from a well-established partner like gumi offers further affirmation that our vision for innovative VR content is on the right track,” said Paha Schulz, CEO of Playsnak. “This funding will bolster our position and expand our capabilities as we build towards the announcement of our first VR game IP in the next weeks. We’re grateful to all our investors for their faith in us, and we look forward to giving players a first look at what we’ve been working on very soon.”
The investment is not gumi’s first sortie into virtual reality start-ups. In addition to its own Tokyo VR Startups program, gumi partnered with Nordisk Film to launch Nordic VR Startups, an incubation program focused on helping startups in the Nordic region developer prototype VR products and services for potential deployment into the global VR market.