Xendex secures $3.5 million in new funding

Vienna-based handheld games developer Xendex has announced that it has secured an additional USD 3.5 million in a second round of funding, adding to the investment of USD 3.6 million from June last year.

The company has doubled its revenues in the past year, despite encountering "some of the most challenging market conditions" in the industry's history, said CEO Michael Haberl.

The funding round was led by Pontis Capital and featured a group of business angels, with the company now looking to build on 2009's performance, which saw a licensing deal signed with Red Bull, its first games released for the iPhone and two titles for the PlayStation Portable.

"The year 2009 has been a year of transition for Xendex", said Haberl. "We have encountered some of the most challenging market conditions our industry has ever seen. At the same time, we have been implementing significant changes in the company, changes that will make us even stronger going forward from here.

"To grow the business and to double the company;s revenues in such circumstances is a great achievement. I want to thank everyone at Xendex for their commitment and contribution to this success and also our publishing partners for the trust they have put in the company.

"Building on this year's success and thanks to our shareholders' continued support for expansion, Xendex is well-positioned to accelerate its growth with 2010 seeing additional services and more games on more platforms than ever before in the company's nine-year history."