Times may be tough for many, but that isn’t stopping venture capitalist firms from seeding money to businesses they think will be successful. iPhone game publisher
Ngmoco announced Monday it has closed $10 million in fresh finance from Norwest Venture Partners.
Ngmoco is the iPhone and iPod touch game publisher behind titles including
Topple and other games. The company was founded by
Neil Young, formerly of Electronic Arts.
Ngmoco was originally financed in part by venture capital from Kleiner Perkins Caufield & Byers, which set up the $100 million
iFund to help finance iPhone developers. KPCB remains invested, along with Maples Investments. Tim Chang of NVP joins Ngmoco’s board of directors.
Ngmoco CEO Neil Young is giving a keynote presentation on Monday for the opening of the Game Developers Conference (GDC) in San Francisco, Calif. Macworld will be providing coverage of GDC throughout the week.