Niantic has just closed a successful round of investment, closing a $200 million Series B funding round led by Spark Capital and including Founders Fund, Meritech, Javelin, You & Mr. Jones and NetEase as additional investors.
John Hanke shared the following in a statement given to the Business Insider:
“We are excited to be working with NetEase, Spark, and our other new investors. This round enables new strategic opportunities and enhances our ability to make long term investments in augmented reality and the Niantic real-world platform.”
The details of are the whole deal are still unclear, but it is confirmed that Spark partner Megan Quinn will join Niantic’s board as part of the deal. Quin and Hanke used to work together at Google before Niantic spun out of it.
Niantic has previously raised only roughly around $33 million in funding, which makes this funding round both a staggering and an unexpected success.
Megan Quinn is a General Partner at Spark Capital, focusing on growth investments. Quinn shared the following on Twitter:
We are very, very excited to welcome the @NianticLabs team to the @sparkcapital portfolio. We believe @johnhanke & the team are building an incredibly important company at the intersection of AR and real world location. https://t.co/sS2a19MTJV
— megan quinn (@msquinn) November 24, 2017
What is the ‘Series B Financing’
Series B financing is the second round of financing for a business through any type of investment including private equity investors and venture capitalists. Successive rounds of financing or funding a business are consecutively termed Series A, Series B and Series C financing. The Series B round generally takes place when the company has accomplished certain milestones in developing its business.