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'Bang! Howdy' Secures Additional Funding

by Rainier on June 27, 2006 @ 2:14 a.m. PDT

Three Rings Design, known for Puzzle Pirates and currently working on Bang! Howdy, announced today it has completed a successful Series B financing round led by Mercury Capital Partners and Amicus Capital.

The new financing follows the beta launch of “Bang! Howdy,” a multi-player online tactical strategy game and the company’s success with “Puzzle Pirates,” an internationally acclaimed massively multi-player online game that TIME Magazine called “addictive.” Both titles are distributed online and are free to play, with optional purchase of micro-currency to obtain upgrades and additional content.

“We’re very excited about our investment in Three Rings. We believe that broadband adoption coupled with digital distribution creates tremendous opportunities in this sector,” stated Teo Balbach, a Principal of Mercury Capital Partners. “The Three Rings team has built a very compelling online games platform in a space that is experiencing rapid growth.”

“The ‘free to play, pay for items’ business model has proven very successful in the Korean market and is the economic driver of our business,” said Daniel James, Three Rings’ CEO. “With over 1.9 million registered players and a near even male/female split, this model is popular with a broad demographic and is attracting a substantial international audience. The financing allows us to accelerate our core business and to continue to develop new breakthrough products.”

Three Rings is profitable and growing at over 30% per quarter. The financing was over-subscribed and the use of proceeds will be for expansion and new product development.

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