Existing shareholders and new investors chip in again.
Glu said the 'proceeds will significantly improve our capital structure as well as enable us to continue to execute on our new strategic plan of persistent, cross-platform mobile games.'
The new investors clearly believe Glu is emerging from a tough period in which it struggle to re-align its business away from the old licence-led operator portal model to one configured around apps and casual products.
In May Glu revealed a Q1 loss of $2.7m on revenues of $17.3m. It expects to see an upswing from its new focus on smartphone games lateer this year, when it will have launched four 'persistent franchises' for smartphones.
The publisher is predicting Q2 revenues of between $13.6 million and $14 million, and a net loss of between $4.4 million and $4.7 million.
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