Mobile game developer Jam City is receiving $145 million in strategic financing jointly led by JPMorgan Chase Bank, Bank of America Merrill Lynch, and a syndicate of lenders including Silicon Valley Bank, SunTrust Bank, and CIT Bank, it announced on Wednesday. The money will support Jam City’s acquisitions and global growth.
“In a global mobile games market that is consolidating, Jam City could not be more proud to be working with JPMorgan, Bank of America Merrill Lynch, Silicon Valley Bank, SunTrust Bank, and CIT Group to strategically support the financing of our acquisition and growth plans,” said Chris DeWolfe, co-founder and CEO of Jam City. “This $145 million in new financing empowers Jam City to further our position as a global industry consolidator. As we grow our global business, we are honored to be working alongside such prestigious advisers who share Jam City’s mission of delivering joy to people everywhere through unique and deeply engaging mobile games.”
Founded in 2010, Jam City is behind the popular mobile social gaming franchises “Cookie Jam” and “Panda Pop.” It’s also worked on titles based on Hollywood intellectual properties like “Harry Potter” and “Family Guy.” In November, it announced a multi-year game development deal with Disney. It will take over Disney’s popular mobile title “Disney Emoji Blitz” and create new games based on Pixar and Walt Disney Animation Studios properties. Its first project is a mobile game based on the upcoming “Frozen” sequel.
Jam City also recently acquired the “Bingo Pop” IP from Uken Games and expanded its global operations to Toronto.
“Jam City is executing ambitious plans for new game development, expansion of core franchise games, and building the industry’s very best live game operations,” said Jam City president and chief operating officer Josh Yguado. “Additional investment in our creative and technical operations further position Jam City as the premier partner for IP owners, game development studios, and industry talent worldwide.”