(Yicai Global) May 13 -- Tencent Holdings Ltd. [HKG:0700] has invested an additional USD90 million in US game developer Pocket Gems, raising its stake to 38 percent.
Tencent bought a stake in Pocket Gems back in 2015 when it pumped in a reported USD60 million for a 20 percent share, the Securities Times reported yesterday.
This time, Tencent reportedly injected USD90 million, which brings its equity to 38 percent and values Pocket Gems at about USD600 million. Such a high valuation is particularly impressive given that the company is known for just two games -- Episode and War Dragons. Founded in 2009, Pocket Gems claims to have achieved 300 million downloads thus far and its monetization efforts are also improving. App analytics company Sensor Tower estimates its April revenue at USD17.5 million, a pace that if sustained that would position the company to generate over USD200 million in sales this year.
Pocket Gems said it logged record sales and ranks of new gamers last year, but did not disclose exact figures.