D2C Games, a San Mateo California publisher of downloadable games, appears to be the latest company to join the lists of recently funded. Appears is the key word as there is some confusion as to the details. Most reports are saying the company, which as its name suggests is focused on direct to consumer casual sports games for consoles , mobile and PC environments, closed a $6m Series A financing. The confusion surrounds whether this was in fact an A or a B round, and when it actually closed.
Past reports noted on Paid Content and elsewhere have said the company previously took in a million dollars in seed money, and professional Series A round worth another $1.5m last year. That would suggest this new infusion is probably a B round though it is also possible this was a planned second trench of the Series A, or the company and its shareholders extended the prior terms and class of shares to new shareholders. (e.g. while this would be a second round of financing, it maintains the terms and rights, and therefore class name of the Series A stock issuance.)
Adding to the cloud of confusion are time line issues for the new money. Earlier this month the PricewaterhouseCoopers, Money Tree survey listed the company on its published list of recently closed deals. The survey reported that the company had received a $4.555m round funded by 755 Capital Partners. That was published August 10th (of this year).
Now, it’s a few weeks later, and reports including quotations from the company’s CEO are describing a just closed $6m Series A led by 755 Capital and Rubicon Venture Partners. Which information is correct?
How much money, what round and when contributed? Those details all seem a little murky. A lot of Series A money spread out over time with an open, or rolling closing date seems like the most likely explanation (absent a mistake somewhere). Pending the clarification, the short news is: the company, which was founded by Scott Orr, a developer heavily involved in creating some of Electronic Arts most widely known sports franchises, closed a financing of “some new money,” at “some point recently” and 755 Capital and Rubicon Venture Partners appear to have participated.
The company is a licensed Sony publisher and is focused on “casual sports and episodic” games. Their in-house game studio (called Bigdog Games) is currently working on titles called Hot Spot Fishing, Chalkboard Sports and Strange Cases. The games will be offered direct-to-consumer as downloadable titles. Some of the new money will be used to help develop and distribute them.