Silicon Valley is betting that the wildly popular "Angry Birds" can soar even higher.
Rovio, the company behind the addictive mobile game, raised $42 million yesterday in a fundraising round led by venture capital firm Accel Partners.
Accel's Jim Breyer credited his partner, Rich Wong, whom he called a "superstar" investor in the mobile sector, for working out the deal.
Wong persuaded Finland-based Rovio to take on investors, even though the company was far from cash-strapped.
Wong said while the company didn't need the money, the expertise and contacts of the investors would help to plot a high-growth course. The fundraising round also included Atomico Ventures and Felicis Ventures.
Angry Birds already has 40 million monthly active users and appeals to everyone from children to grandmothers, considered "casual gamers."
"It's a consumer phenomenon, and this has the opportunity to become one of those unique consumer brands that spans across more than one specific game on the iPhone," he said.
The brand has spawned multiple versions of the original game and a line of stuffed toys. It is also being developed into a potential cartoon and movie.
"While the brand is hot, monetize it while you can," said tech analyst Michael Gartenberg.
Rovio was valued in the high hundreds of millions of dollars, according to reported estimates. But the company did not release a figure.
Gartenberg said he was skeptical that Rovio could continue to churn out hits that would make an investment of $42 million worthwhile.
The company developed about 50 games that went nowhere before striking gold with "Angry Birds."
"It is a steep investment and the future is very uncertain," Gartenberg said. "Can these people continue to crank out more hit titles? Are you investing in a one-hit wonder or is there a long-term franchise here?"
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