LA-based publisher and developer Riot Games has secured $8 million in funding ahead of the US release of its free-to-play “premium game” League Of Legends.
The independent studio received the funds from online services company Tencent, which will distribute the title in China, and from venture capital firms Benchmark Capital and FirstMark Capital, both of which also contributed to a $7 million funding round for the company in July last year.
Riot plans to adopt a microtransaction-based business model for League Of Legends. It says that the multiplayer battle arena title is not an MMORPG, but that it will have a persistent game element that is in the spirit of an MMORPG. "That is to say, while a large aspect of the game will be session-based battles, there will also be persistent elements, such as the Summoner, abilities, and levels that exist continuously throughout the game."
Riot's staff includes "core members" of the teams that developed games including Ultima Online, Dungeon Siege, Jak & Daxter, Heroes Of Might & Magic, Neverwinter Nights 2, Sly Cooper and Total Annihilation.
“Riot is fortunate to have such a strong and diverse group of investors who support our vision of combining triple A quality gaming content with the emerging free to play business model,” said company CEO Brandon Beck. “With our focus on delivering and operating core games as premium, live services that constantly adapt to our customers’ needs, we have a unique opportunity to build global franchises.”