Press Release: Playjam – TV Games operator – Gains significant foothold in Chinese market
London – 17th June 2014 – PlayJam Ltd, the World’s leading provider of affordable gaming on Smart TV announces details of two significant Chinese investments that will enable the company to target tens of millions of new subscribers in Asia via a new Hong Kong subsidiary – PlayJam China.
AVIT LTD., which is quoted on the Shenzhen Stock Exchange, is investing $1M in PlayJam Holdings Ltd via its wholly owned Hong Kong subsidiary. AVIT is the leading end-to-end solution provider in China’s digital TV market, supplying solutions to around 100 major cable network operators, (including 17 provincial cable networks), serving over 80 million subscribers. PlayJam will work to gain a foothold in this extensive network by embedding its built-for-TV gaming platform within operator set top boxes.
This investment follows a $1.3m round from Hong Kong based Hero Unity – also an investor in Shenzhen-based Innoplay Network Technology Co., Ltd. INNOPLAY’s publishing and R&D activity in both the hardware & software gaming space will provide PlayJam with an established in-house manufacturing facility for its own range of hardware. PlayJam soft-launched ‘GameStick’ in December last year – a portable micro-games console bringing affordable Android games to the big screen. The company is currently working on a second generation of the product set for global launch in Q4 this year.
PlayJam is backed by major corporates, GameStop International, the World’s largest games retailer, Adobe, the 3rd largest software vendor and London-based venture capital company, Endeavour Ventures.
Jasper Smith, Founder of PlayJam, commented, “Asia is the heart of consumer electronics knowledge and manufacturing in TV and set top boxes, this investment moves us up to running speed in terms of the opportunities that this gives us. We already have partnerships with industry giants such as Samsung, LG, Panasonic and Google but this investment will significantly increase our predicted growth.”
Dr Richard Hargreaves, Founder of Endeavour Ventures (and former BVCA Chairman) added … “PlayJam punches well above its weight. We have worked with them for two years and the calibre of their team, corporate partners and the rarity of a small company to have commanded such a strong position in the fast growing games market is what makes an investment in PlayJam so appealing. The management team has successfully exited in this market before and their knowledge and understanding of the sector. Last year the company had revenues of £2M, which is expected to increase to a revenue of £14M this year.”
PlayJam on email@example.com
Tel: 0203 301 5320
PR, Endeavour Ventures
Tel: 0787 5313367