Niantic raises Series A financing of $20 million from The Pokemon Company, Google and Nintendo

Pokemon Go developer Niatic announced today that it has raised its Series A financing round from The Pokemon Company Group, Google and Nintendo. As mentioned in today’s announcement, “The companies are investing up to $30 million in Niantic, Inc., which includes an initial $20 million upfront and an additional $10 million conditioned upon achieving certain milestones.” Through the funding, Niatic intends to continue developing Pokemon Go, support the global Ingress community, scale its platform, and release new games.

Niantic CEO John Hank said of today’s news:

“The Pokémon Company, Google and Nintendo are incredible investors and strategic partners to help build the next chapter for Niantic. We will be using this capital to continue the development of Pokémon GO, to evolve and grow Ingress and its thriving global community, and to build out our real-world gaming platform.”

Tsunekazu Ishihara, president and CEO of The Pokémon Company, also stated:

“Pokémon’s strategic investment in Niantic paves the way for a social mobile experience the world has never seen before. The Pokémon Company is committed to partnering with companies like Niantic that share the same spirit of community and innovation.”

Finally, some words from Google’s VP of corporate development, Don Harrison:

“Niantic has shown the great potential of mixing geolocation technology, dynamic storytelling and innovative game design, and we’re excited to continue supporting the team on their journey.”

Source: Pokemon PR