MTG’s gaming fund invests in Volley

March 26 2018

MTG’s USD 30 million gaming investment fund has invested in Volley, a US based developer of games for voice interfaces such as Amazon Alexa. Volley exited stealth mode in March 2018 after completing the prestigious Silicon Valley accelerator program Y Combinator.

Volley

Founded in 2016 and based in San Francisco, Volley develops conversational, artificial intelligence-based games for voice interfaces such as Amazon Alexa and Google Home.

The company’s titles include ‘Song Quiz’ (currently the best reviewed game on Alexa), ‘Yes Sire’ and ‘World Detective’. Recently named an Amazon preferred partner, Volley has attracted more than 500,000 monthly active users in less than a year, with the number of users growing over 50% every month.

MTG launched its gaming fund in November 2017 to target minority investments in high-potential US and European online gaming businesses. The fund complements MTG’s larger acquisitions and will invest in five to 10 companies annually over the coming three years.

Y Combinator is an accelerator program and seed investor that has supported over 1,500 start-ups since 2005, including Twitch, Airbnb and Dropbox. Today, Y Combinator’s companies have a combined valuation of over USD 80 billion.

Arnd Benninghoff, Esports & Gaming, MTGx: “Participating in the renowned Y Combinator program reflects Volley’s fantastic potential. Voice can be the next major gaming platform, and a passionate community is already forming around Volley’s innovative titles. MTG is building an international gaming vertical that gathers the industry’s hottest talent, and our fund nurtures the very best developers as they create the next generation of gaming experiences.”

Max Child, co-founder, Volley: “We were very excited to work with MTGx given their strong connections and expertise in gaming, entertainment and technology. They have been great partners and we are looking forward to doing more together down the road.”

Gartner estimates 75% of US households will own a smart speaker by 2020, and that the global audience for the technology will reach 500 million by 2022.

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NOTES TO EDITORS

MTG (Modern Times Group MTG AB (publ.)) is a leading international digital entertainment group and we are shaping the future of entertainment by connecting consumers with the content that they love in as many ways as possible. Our brands span TV, radio and next generation entertainment experiences in esports, digital video networks and online gaming. Born in Sweden, our shares are listed on Nasdaq Stockholm (‘MTGA’ and ‘MTGB’).

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