'Harry Potter' Mobile Game Maker Jam City Raises $145M Weeks After Layoffs

Courtesy of Jam City
Jam City CEO Chris DeWolfe

The financing follows two rounds of layoffs at the company in December and May.

Jam City, Inc., maker of such mobile games as Harry Potter: Hogwarts Mystery and Panda Pop, has raised $145 million in financing. The funding round was led by JPMorgan Chase Bank and Bank of America Merrill Lynch, with additional investments from Silicon Valley Bank, SunTrust Bank and CIT Bank, N.A. The capital will go toward new acquisitions and global growth initiatives.

The financing follows two rounds of layoffs at the company in December and May. Jam City also moved to a larger office space in Culver City in August and, in November, signed a multiyear development partnership with Disney and acquired the game Bingo Pop from Toronto-based studio Uken Games.

Jam City CEO and co-founder Chris DeWolfe said the new financing "empowers Jam City to further our position as a global industry consolidator."

Jam City, founded in 2010 by DeWolfe (who also co-founded MySpace in 2003) and former 20th Century Fox executive Josh Yguado, currently has over 650 employees. In addition to Panda Pop and Harry Potter, which launched last year, the company's games include two Family Guy titles and Disney Emoji Blitz