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Mobile development company BuzzCity receives $10m investment

Staff (Social Media Portal) - 28 August 2008

BuzzCity, mobile development company has received $10 million USD in growth investment from South African investors, Naspers.  The $10 million buys Naspers a 10% stake in the Singaporean company.

BuzzCity will use the cash injection to further develop its core products, including mobile social network myGamma.  BuzzCity intend to focus on the growth of myGamma through localised versions, development of user generated content (UGC) content and applications in addition to strengthening partnerships and advertising opportunities.

BuzzCity’s chief executive officer, KF Lai says, “The growth opportunity for off-deck services continues to grow globally. We’ve seen phenomenal growth in markets in South Asia and Africa and in the coming year, we expect to see this growth to include markets in Europe and USA.  The common footprints we have make this a strategic relationship for developing our media properties, particularly in South Africa, India and Thailand.”

BuzzCity states on its official GammaLife blog that it served over 445 million ads in December 2007, a ten-fold jump from January 2007.  MyGamma’s network of partner sites rose 300 percent from August 2007 to August 2008 and the index is growing 50 percent on average every quarter.

"The past year for us has also been marked by partnerships with some of the world's leading WAP publishers and mobile digital agencies. BuzzCity has been on an aggressive development programme and secured overwhelming interest from businesses to be part of our growth plans,” concludes Lai.

The investment by Naspers opens the door to other potential strategic partnerships for BuzzCity.  Naspers has stakes in a number of other companies including Tencent in China, in Russia, Sanook in Thailand and MXit in South Africa which are involved in complementary areas to BuzzCity, including mobile services, content aggregation and instant messenger arenas.

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