Report: Rovio funding talks suggest $1.2B valuation
The Angry Birds maker is said to be in talks with "a company in the entertainment business" who's looking to invest an amount that would put Rovio's valuation north of a billion dollars.
Angry Birds has been a breakout success for Finnish developer Rovio, and a new report says the company is considering capitalizing on that by taking a strategic investment that would put its value at around $1.2 billion.
Citing two people with knowledge of private discussions, Bloomberg reported today that Rovio is in investment talks with "a company in the entertainment business," who's looking to get a piece of the action.
In early March, Rovio announced that it securedas part of a Series A round led by venture capital firms Accel Partners and Atomico Ventures. Following that round, the company only said the cash would be used to "facilitate its strategic expansion."
The high valuation comes in just below the total sale price of indie-game maker, a deal that was made for $650 million in cash and $100 million in stock, with the possibility for an additional $550 million in earnouts if PopCap can hit revenue milestones in the next few years. That's no small feat for a company that was not well-known until its breakout hit Angry Birds, which was released at the tail end of 2009. Rovio has since expanded that franchise with multiple spinoffs on various platforms, movie tie-ins, and merchandise. A earlier this week even said Angry Birds-themed gear was in the works for babies.