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Cologne, Nordrhein-Westfalen, Germany, 2010/12/16 - XAnge, KfW and BDMI, Venture Capital Fund of Bertelsmann, invest a medium one digit million EUR sum. BLUE LION mobile develops and distributes qeep, one of the world’s largest mobile social networks with a focus on multiplayer gaming.
Today, BLUE LION mobile, developer of the mobile social entertainment network qeep, announced it has closed a multi-million euro B round. The round was led by French VC XAnge and co-invested by the KfW. Additionally, existing shareholder Bertelsmann Digital Media Investments (BDMI), the investor of the Series A in 2007, also participated in the Series B.
The investment was made in view of the significant growth of qeep, the mobile gaming and entertainment network. Qeep is compatible with over a thousand Java-enabled devices and has already reached a wide mass market; in fact more than six million users have registered on qeep so far. Every month the company counts over 500 million mobile page impressions and more than 1.5 million multiplayer game participations.
Investors were attracted to qeep because of its focus to reach the mass market and create a unique platform for mobile multiplayer gaming. Bernhard Schmid, partner of XAnge stated, “The concept and its growth to date has been impressive. We believe that with our know-how and financial resources we can continue to accelerate qeep’s development.”
Urs Cete, principal of BDMI, added: “Presently qeep gains almost 10,000 new users every day and is able to monetize them in varied ways. In mobile this is rather unique.”
The funds raised will be mainly invested in the product development and international expansion of qeep. Christian Schulte, co-founder of qeep and managing director of BLUE LION mobile, sees an enormous opportunity: “We’re pleased to have XAnge and KfW as strong new partners on board. The investment will enable us to enter new markets and to develop qeep in the most innovative way.”
Qeep is one the largest mobile Gaming and Entertainment platforms worldwide. Members of the mobile community can play live multiplayer games, blog photos and send sound attacks, text messages or virtual gifts. Qeep can be downloaded for free at qeep.mobi. Started by BLUE LION mobile GmbH in late 2006, qeep connects millions of users from over 200 countries. The headquarters is located in Cologne, Germany.
Backed by leading European corporates and financial institutions, XAnge (xange.fr) is a unique private equity firm, subsidiary of La Banque Postale, one of the largest retail banks in France and fully owned by La Poste. As of today, XAnge has 350 million in assets under management.
With an international team of seasoned professionals based in Paris and Munich, XAnge actively supports leading venture and growth companies in Europe, with a strong focus on technology.
KfW (kfw.de) gives impulses for the economy, society and ecology in Germany, Europe and the world over. It supports change and promotes promising ideas. Start-ups, tech companies and established SMEs can find tailor-made transparent offers of equity finance products. In the area of early stage financing you will find suitable financing offers, for both the start-up and the seed phase. The ERP Start Fund provides equity finance for the start-up phase of young technological companies. The Start Fund leverages private equity since it only provides capital if a co-investor is involved. In this way, it creates incentives for private investors to enter the market. The participations by KfW and co-investor are subject to the same economic conditions.
About Bertelsmann Digital Media Investments (BDMI)
Bertelsmann Digital Media Investments (bdmifund.com), based in Luxembourg, is the Venture Capital subsidiary of the international media company Bertelsmann AG. BDMI investments focus on new trends and business models in the area of digital media. BDMI expects to support the success of portfolio companies through a close working relationship with Bertelsmann divisions (RTL Group, Random House, Gruner + Jahr, Arvato, Direct Group), enhancing their leading and innovative positioning in the media industry. BDMI is managed by an international team based in US and Germany.