iiRcade Inc., the connected arcade machine for gamers of all ages to own and play their favourite retro and modern arcade games at home, has closed a seed investment round of US$ 5.5 million on 20 October 2020.
The funding round was led by Gauss Capital Management and Mirae Asset Venture Investment. Gauss Capital Management is based in South Korea and is currently in the process of launching a United States venture capital arm. Mirae Asset Venture Investment is one of the largest venture capital firms in South Korea.
About iiRcade game
Founded by Jong Wook Shin, iiRcade integrates solutions that gamers have always dreamed of. It provides immersive arcade machines for home. In addition, legally licensed games with the real arcade experiences without having to purchase more cabinets every time we want a new arcade game. It is small enough for homes yet big enough for comfortable game playing.
iiRcade is created by former VPs of conglomerate consumer electronics and gaming companies including Sony Playstation, Samsung and LG. The founders and the team are hardcore gamers with extensive experience in the consumer electronics and gaming industries.
iiRcade has a collection of nostalgic retro arcade games as well as modern games transformed into arcade games with both online and offline multiplayer gaming, on a premium arcade cabinet.
“We are very grateful to have the support from Gauss Capital Management and Mirae Asset Venture Investment. We thank them for sharing our vision and look forward to working with them both,” said Jong Shin, founder & CEO of iiRcade.
iiRcade’s first round of retail partners include Amazon, b8ta and Touch of Modern, while partnerships with gaming developers and publishers such as SEGA, Arc System Works, Digital Leisure, ColecoVision and Psikyo have also been announced in recent months. This has led to iiRcade’s library to grow to 200+ licensed games. iiRcade is not limited to a few pre-loaded games. New games can be purchased and downloaded via the iiRcade store and software upgrades will also be made available to the platform.
iiRcade is available in two premium editions, Dragon’s Lair Edition with Dragon’s Lair cabinet graphics and Black Edition that enables users to design his/her own cabinet graphics and comes with officially licensed Double Dragon stickers as a free gift.
What Investors have to say
“As we are preparing to launch a US venture capital arm to focus our investments in US based companies like iiRcade, we feel so fortunate to have the opportunity to lead the investment of such an amazing company,” said Haeseon Choi, CEO of Gauss Capital Management. “With their technology and innovation, we strongly believe that iiRcade will change how we play games in the home arcade space. We are fully committed to supporting iiRcade to making their vision a reality.”
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