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Akoha raises $1.9 Million financing from Angel Investors

By Andrew Redfern @ 28th April 2008 5:34 pm

Akoha, the developer of a new social game, announced today that it has received $1.9 million in financing from angel investors. The financing was delivered in two tranches, the first in early 2007 and the second in early 2008.

Akoha is developing a new type of social game inspired by elements of social entrepreneurship, massively-multiplayer and reality-based games. Akoha was founded by Austin Hill and Alex Eberts, long-time friends and entrepreneurs who first worked together when Hill co-founded Zero-Knowledge Systems (now Radialpoint) and Eberts served as its founding product manager.

Investors include some of Canada’s most prominent business and technology leaders, including:

- David Chamandy, co-founder, Lavalife;
- John Bromley, Benefic Group;
- Jean-Sebastien Cournoyer, entrepreneur-in-residence, Vantage Point Venture Partners;
- Ron Dembo, founder, Zerofootprint.net and Algorithmics;
- Jake Eberts, film producer;
- Alan Gershenfeld, managing partner, E-Line Ventures, director at Games for Change;
- John Meeks, managing partner, TA Associates Private Equity, London;
- Reg Weiser, founder, Positron;
- Jonathan Wener, Chairman & Founder, Canderel Group;
- Robert Montgomery, founder, Achilles Media;
- Chris Emergui, founder and president, BAM Strategy;
- and Montreal Start Up, an angel investment fund with 20 Montreal-based investors and technology entrepreneurs as limited partners.

Akoha CEO Austin Hill said: “We’re delighted that our investors share our belief in bringing fresh ideas to the gaming world. The support of our incredible angels has allowed us to develop an innovative product and will support the company while we launch and build our player community into 2009.”

Alan Gershenfeld, managing partner of E-Line Ventures, who for six years was senior vice president at Activision Studios, and is currently a director of Games for Change, said: “Games have an enormous and largely untapped potential for meaningful social impact.

Based on my experience, I believe Akoha’s approach and design will help them become one of the pioneers in this exciting new area.”

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