It's game on as tech firm secures £300k in funding
A Northern Ireland technology company has secured more than £300,000 in funding to launch a new product which it says could revolutionise the social gaming market.
Belfast firm gogamingo has scooped the seed funding from various sources including venture capital fund manager E-Synergy, Invest NI and private investors.
Gogamingo allows gamers to compete for real prizes in the virtual world and allows developers and publishers to take a cut of the sales made on the competitions.
Founded by entrepreneur Aaron Taylor and software developer Martin Scott, gogamingo will launch the project this summer.
Mr Taylor said that their ambitions are to take gogamingo into the global market. "This seed funding round will enable us to prove the business model, to launch the beta version and to test the scalability of our technology over the next six months," he said. "All this will allow us to raise a larger series round in the US in about nine months."
Mr Scott added that at a time when 70% of game developers are struggling to break even, the platform will give games creators and distributors access to a recurring revenue stream through a share of score uploads.
"Everyone we have talked to in the games industry gets it," he said.
"It helps gamers get a tangible return on their time investment, it helps games companies obtain real and instant cash returns on the games they market.
"It also helps brands to get a quantifiable return in terms of visibility and social interactions with a segment they may not yet have figured out how to engage with."