Glu Mobile closes $13.5 million in private financing deal

Glu Mobile Inc. (GLUU) has closed a $13.5 million round of private-equity investment. The publicly traded company secured financing from new and existing stockholders including Greenway Capital, Cannell Capital, Cypress Capital, Granite Global Ventures, New Enterprise Associates, Scale Venture Partners and Stephens Investment Management.
“Today we have crossed an important milestone in Glu’s development and believe our business plan to now be fully funded,” CEO Niccolo de Masi said in a prepared statement. “We are very excited to have received the support from a large cross section of our existing stockholders in “this private placement. This financing provides the working capital to advance our new strategic plan of persistent, cross-platform mobile games. We have an exciting roadmap which will roll out beginning in October of this year.”
The mobile-games publisher had previously announced plans for the transaction back in June. The deal includes 10 existing stockholders and 10 new investors in a private placement that included 13.5 million shares of common stock for $1 per share and warrants to purchase 6.7 million shares of common stock that will become available at $1.50 per share.