Kiip Raises Funds to Further Its Goal of Providing Incentivized Game Achievements
Kiip is trying to provide a new way for developers to make money off of advertising in a way that isn’t just a banner ad, and rewards players for playing their game. And they’re drawing serious investor interest as well.
What Kiip does is to essentially monetize in-game achievements. Sponsors can offer prizes for certain in-game achievements. For example, a brand could provide a free benefit, or an online retailer a valuable coupon, when an achievement is unlocked. The goal is to motivate players to keep playing to get these rewards for performing in-game actions, which will then lead to them interacting and possibly spending money with sponsors. Everyone wins, as users get more out of advertisements than just a blast of information at them, sponsors get possibly higher interaction rates, and developers possibly get higher engagement with their games while avoiding banner ads. Kiip currently claims to have over 400 titles using the service, with support for both iOS and Android.
This is a series B round of funding for Kiip, raising $11 million from various VC firms. Kiip been willing to spend money from the revenue it has generated in order to facilitate further development, as seen by its Build Fund, which used $100,000 to help create games that integrated Kiip. According to a report by PandoDaily, Brian Wong of Kiip has said that they will be running another fund to help make bring more projects that use Kiip to life.
Really, the long-term success of Kiip will be seen in if the service can draw in both more titles, and popular ones. Mobile gaming is a market where there is constant cycling of games due to the sheer number of developers releasing titles, but popular titles have a way of sticking around on the top charts. Kiip may need both to be in popular games as well as in numerous games to survive long-term.