Scopely adds $200M to Series D as mobile gaming surges in popularity

Scopely adds $200M to Series D as mobile gaming surges in popularity

According to PitchBook, mobile game developer Scopely announced on Thursday that it has secured an additional $200 million for its ongoing Series D.

The new funding, which came from Advance and The Chernin Group, brings the round's total to $400 million. Founded in 2011, the Culver City, Calif.-based company landed an initial $200 million in Series D funding last October at a reported valuation of $1.7 billion. Scopely had previously raised $160 million in 2018 at a $710 million valuation, according to PitchBook data.

As public health officials across the world mandate social distancing, several entertainment providers have reportedly posted record levels of engagement as a result of people opting to stay home.

The gaming industry could also stand to benefit from consumer dollars that have been freed up due to a lack of dining out, as well as cancelled vacations and events, according to a recent report by investment banking and research firm Cowen.