Kongregate Launches $10M Development Fund
Summary
Backed by parent company GameStop Corp. (NYSE: GME), a global retailer of video games, the Kongregate Mobile Developers program will offer distribution, financial assistance to complete their games, consulting services and marketing support.To support the fund, the company hired former Zynga general manager, Panayoti (Pany) Haritatos, as vice president of its new mobile division.Founded in 2006 by Jim and Emily Greer (brother and sister) and part of the GameStop network, the company operates an online game platform which features a community and social elements combining achievements, profiles, chat, messaging, forums, and levels into the gaming experience.Kongregate shares revenue from advertising and virtual goods directly with developers who have uploaded games to the site.Advertisers include brands such as Electronic Arts, Sony Pictures, Sprint, Frito Lay, Axe, Xbox 360, Nokia, and Toyota.