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Venture Capital News: Discovery Bay Games Discovers $15M Series B

SEATTLE, WA, Leader in iOS-exclusive game accessories, today announced closing $15 million in Series B financing, led by Trilogy Equity Partners.
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Discovery Bay Games, the worldwide leader in iOS-exclusive game accessories, today announced closing $15 million in Series B financing, led by Trilogy Equity Partners, LLC, a privately held investing company, and Logitech, a world leader in gaming products for the PC and other platforms. The funding will allow Discovery Bay Games to pursue its new business model of app-supported Duo accessories, which offer "digital + physical" gameplay experiences that enhance gaming on iPad, iPhone and iPod touch.

Discovery Bay Games, which started as a traditional board game maker in 2006, pioneered the iOS game accessory category with the launch of its first Duo ("apps + accessories") product in December 2010. Since then, the company has focused on gaming partnerships with well-known global brands, having recently launched Atari Arcade, a Duo-powered iPad controller for classic Atari arcade games. In addition, the company recently launched Dora the Explorer™ Let's Play Backpack, a Duo-powered accessory that allows preschoolers to learn and explore along with Dora herself. Three more partner-themed game accessories/controllers are slated for launch this fall.

Discovery Bay Games is currently in development for its 2013 product line. The company plans to pursue products with existing partners such as Atari, Gameloft and HIT Entertainment as well as evaluate new partnership opportunities and platforms.

"Discovery Bay Games has a strong team and a major opportunity to be out in front of a significant trend," said John Stanton, Chairman and CEO of Trilogy Equity Partners. "The company has the potential to lead an entirely new category of consumer products built to enable enhanced gameplay on iPad, iPhone and iPod touch. Trilogy is delighted to support this new strategy for Discovery Bay Games."

"As a global leader in PC gaming, we understand the magnitude of the opportunity in gaming devices for tablets and mobile phones," said Guerrino De Luca, Chairman and CEO of Logitech. "We are excited to support Discovery Bay Games as they develop new products in this emerging category."

"iOS has emerged as THE gaming platform of our generation," said Mike Sievert, CEO of Discovery Bay Games. "When I joined the company earlier this year, I knew we needed to enlist the right partners to help grow it, and we found them. With the help of Trilogy and Logitech, we have the opportunity to lead a new market, centered on making gaming experiences for iPad, iPhone and iPod touch even better. Our Duo line of games and game controllers will change the gaming landscape as we know it."

"We believe the market for iOS gaming accessories will unfold much the way the market for audio accessories unfolded when the iPod first took off," said Craig Olson, Co-Founder and Chief Strategy Officer of Discovery Bay Games. "iPad, iPhone and iPod touch are the most exciting devices in the world for gaming. Working together with leading global brands, we're laser-focused on making products that enhance those gameplay experiences."

Swiftsure Securities acted as financial advisor to Discovery Bay Games.

About Trilogy Equity Partners, LLC

Established by a team of wireless and technology entrepreneurs, the Trilogy Partnership invests private capital in areas where in-house expertise and market growth promise superior financial returns. Current businesses include operating wireless carriers in three national markets as well as investments in dozens of early stage companies with numerous successful exits. Seattle-based Trilogy's partners have long been at the center of the global wireless revolution as founders of Voicestream (T-Mobile) in addition to previously holding pivotal roles at McCaw Cellular (AT&T).
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