Internetq Plc : Funzio hopes to raise major capital

More people than ever before are engaging in mobile gaming, with new titles coming out that garner a massive following. One firm that is hoping to continue its success is Funzio, which is seeking to raise between $50 million and $350 million, TechCruch reports.

The company, which makes role playing games including Modern War and Crime, is headed by Ken Chiu, who has worked in the industry for years. Prior to Funzio, Chui was able to sell a startup firm to Zynga. There are other employees who have brought experience to the mobile entertainment firm.

"Both [Chiu] and Anil Dharni were behind Storm8, another mobile gaming company with several top-grossing Android games under its belt, before they split with the other co-founders and started Funzio," the source reports. "The company's roadmap and traction were compelling enough that they were able to poach Jamil Moledina, an executive who spearheaded third-party publishing efforts for Electronic Arts."

Funzio has been making other headlines when it comes to online gaming. The company announced that it was launching Kingdom Age for Facebook and it may create a mobile application if there's enough interest, according to Inside Social Games.