XFIRE™ SECURES $5 MILLION IN FOLLOW-ON FUNDING
Granite Global Ventures Leads Round
San Francisco, CA – October 3, 2005 - Xfire, Inc., the fastest growing online gaming platform and community, has closed a $5 million follow-on round led by Granite Global Ventures. Xfire’s existing investors, Draper Fisher Jurvetson and New Enterprise Associates also participated in this round.
The funds will be used primarily to support the Xfire service, which automatically keeps track of when and where gamers are playing PC games online; lets their friends join them easily in-game; enables in-game and out-of-game chat; and distributes digital content through Xfire’s proprietary P2P file download system. Xfire has over two million registered users in over 100 countries, and the average Xfire gamer uses Xfire over 70 hours per month.
“We are delighted to be backed by Granite Global Ventures as we continue to build Xfire into the ultimate community for gamers around the world,” said Mike Cassidy, CEO of Xfire. “Xfire continues to grow at a terrific rate adding over 150,000 new registered users and over one million new friendship relationships each month. We look forward to benefiting from the experience of Granite Global Ventures, Draper Fisher Jurvetson and New Enterprise Associates as we continue our growth.”
“Xfire continues to show how a company that combines industry leading technology and a complete understanding of its audience can become a true success,” said Hany Nada, Granite Global Ventures’ Managing Director and newly appointed Xfire board member. “Xfire has not only found success with millions of gamers but also with the world’s leading marketers such as Dodge, Electronic Arts and Unilever.”
Xfire can be downloaded for free at http://www.xfire.com.
About Granite Global Ventures
Granite Global Ventures (GGV) is an expansion stage VC firm focused on Information Technology and Healthcare. Founded in 2000, the firm has played an active role in helping management build lasting value for their companies. GGV adds a complementary role to early stage VCs and has a proven track record in providing expansion stage startups with knowledge and access to China. With $400 million under management, GGV invests in promising startups in the US and China. Headquartered in Silicon Valley, GGV has offices in Shanghai and Singapore. For additional information, visit www.ggvc.com.
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the premier early stage venture capital firm. Founded in 1985, Draper Fisher Jurvetson has created a global network of affiliated venture funds with approximately $3 billion in capital commitments and offices in the major technology centers around the world. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world.
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work, and play. Since its founding in 1978, the firm has followed the same basic principles: support their entrepreneurs, provide an excellent return to their limited partners, and practice their profession with high standards and respect. Practicing classic venture capital for 25 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $6 billion under management, NEA's experienced management team has invested in over 500 companies, of which more than 140 have gone public and more than 150 have been acquired. NEA has offices in Menlo Park, California, Reston, Virginia, and Baltimore, Maryland. For additional information, visit www.nea.com.
Xfire, Inc. (www.xfire.com) is the fastest growing online gaming platform and community in the world. Xfire helps gamers play with their friends much more easily. Xfire is also a server browser, IM, and file download system designed just for gamers. Xfire has over two million members in over 100 countries. Company management includes Mike Cassidy (former CEO of Direct Hit), Chris Kirmse (creator of Meridian 59), Adam Boyden, and Dennis "Thresh" Fong (World Champion of Quake). Xfire is funded by Draper Fisher Jurvetson, NEA, and Granite Global Ventures. Xfire is supported by advertisers and marketers trying to reach the 18-34 male audience.