Pixonic draws in $5m VC capital

Russia-based social games group Pixonic has raised $5 million in a new investment round, the company has said.

The money was generated by Ventech, Kite Ventures, and TA Ventures, though specific terms of the investment were not disclosed.

Pixonic will use the money to publish new games through its own social network platform, the company said.

The social games group has an experienced management team who together have been involved in creating more than fifty games.

CEO Elena Masolova, meanwhile, is the co-founder of Darberry before it was sold to Groupon and renamed Groupon Russia.

In 2011, Masolova was named in the Forbes Russia Top-30 list of internet entrepreneurs.

“We see a huge potential at this market”, Masolova said.

“Our recent research shows that the DAU of social networks other than Facebook exceeds the latter’s daily playing audience. By entering other social networks, game developers can easily increase their income by three or four times. And we’ll help them to do that.”