Portalarium Raises Funds for Social Gaming

Austin-based gaming bad ass and space enthusiast Richard Garriott’s company Portalarium announced that is has raised $2.4M in additional financing from m8 and the Founder’s Fund. The company is planning to release a game named CenterPort in 2012, which is a visually rich social networking game that will “be the virtual world social hub for the OpenLife ecosystem, a broad yet fully integrated meta-community” according to the studio’s website.

“We are delighted to join Richard Garriott and the Portalarium team in creating the next great gaming company. Richard is one of the giants of the industry. He’s a proven entrepreneur and has been a driving force at each of the industry’s major turning points,” said Joseph Kim, general partner of m8 Capital, the London-based venture fund. “Richard’s vision for the future of mobile and social gaming will result in a new generation of ground-breaking games.”

“Founders Fund is extremely pleased to continue its support for Portalarium,” said the venture firm’s Brian Singerman. “Starting new companies and transforming them into extraordinary successes is nothing new to Richard Garriott and his team and we expect Portalarium will continue their exceptional 30 year track record.”

For Portalarium, the funding comes just as the company is gearing up for the launch in coming months of a brand new and unique social media game. Details will be released later this summer.

In the last year, Portalarium has released two games—Port Casino Poker™ and Port Casino Blackjack™, on Facebook® and hi5™ social networks—a couple of evergreen products created to quickly build out the company’s backend technology and start interconnecting a player network across platforms and social networks. Additionally, Port Casino Poker recently launched on Apple’s iPad™ with a planned expansion to the iPhone™ coming soon and Android™ later this year.

“With m8 Capital and Founders Fund, we have the investment resources in place with two very key partners who are prepared to help us grow and scale our company to meet the opportunities found currently in social media and mobile platforms,” said Portalarium CEO Fred Schmidt. “m8 also provides an important international role as we shape our strategy for the European market while Founders Fund has been invaluable in keeping us solidly connected to the social media scene that has coalesced in the Bay Area.

“This round,” said Schmidt, “helps us to continue making the next generation of hit games in Austin, Texas, a hotbed of talent in the technical and creative industries which Richard and his team have helped nurture for the past 30 years and which is now finally gaining global recognition.”

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Portalarium Raises Funds for Social Gaming