PapayaMobile Raises $18M, Plans Expansion In Europe

PapayaMobile today announced that it has raised 18M in Series B funding. The round was led by Keytone Ventures and DCM and will help Papaya expand its developer ecosystem, as well as product offerings, in the U.S. and Europe.

PapayaMobile today announced that it has raised 18M in Series B funding.  The round was led by Keytone Ventures and DCM and will help Papaya expand its developer ecosystem, as well as product offerings, in the U.S. and Europe. More after the jump.

PapayaMobile has seen strong growth over the last years and boasts roughly 350 applications that have integrated the Papaya gaming network. Investors are bullish on Android and banking on Papaya’s ability to capitalize on the the success of its open platform approach.

“Android growth in China over the next 2 years will be staggering, “said Joe Zhou, Founder and Managing Partner of Keytone Ventures.  “Couple this growth with the monetization potential of mobile games in China and we believe PapayaMobile is well positioned to be the leader in social gaming platforms for the largest mobile market in the world.”

Things are moving fast in this space. Recently, Japan’s GREE acquired OpenFeint soon after announcing a partnership with Mig33 to expand its network from Japan to cover more of South East Asia. Although the ARPUs in many regions in this world are still catching up to the likes of the United States and Western Europe, gaming networks are striving to publish their own games and third party games for the global populace.

PapayaMobile has about 15 million registered users in its network making it the largest network on Android. Competitors include OpenFeint and the soon to come MobageTown – the brain child gaming network of DeNA and ngmoco that will supposedly launch with 40 mill + users and offer developers the ability to reach both an American and Japanese audience.

According to the release PapayaMobile has seen 375% growth in its user base since 2010. Developers are encouraged to check out Papaya’s Game Engine and Social SDK.

“Since our initial investment in PapayaMobile in 2010, we have seen the Papaya gaming network grow into a thriving, highly engaged, monetizable community on Android,” said Hurst Lin, General Partner at DCM. “DCM is a global venture capital firm with 2 billion dollars under management. We are committed to continuously investing in the Android ecosystem and PapayaMobile as a leading platform in this system.”

We’ve covered PapayaMobile in the past when they raised $4M back in July of 2010 and also their recent partnership with Games For Good. Congratulations to the PapayaMobile team!