French startup Oh BiBi raised $21 million from Atomico with Korelya Capital also participating. Oh BiBi is a team of mobile gaming veterans trying to build the next big thing when it comes to mobile gaming.
The company has already released a handful of games, such as LoL Kart, Motor World Car Factory, Dino Factory and SUP Multiplayer Racing. But the company’s next big bet is Frag.
Frag is an online first-person shooter. You’ll fight against other players in one-on-one matches. There’s a metagame element as well — you’ll need to put together your team of characters as you can swap between multiple characters in the middle of a match.
Each character has a cartoonish design and some special powers. Oh BiBi keeps comparing it to Fortnite in its press release, but it sounds more like 1 vs. 1 Overwatch.
Frag will be available as an open beta next month on iOS and Android. Oh BiBi is taking a freemium approach and distributing its games as a free download with in-app purchases.
Building a mobile gaming startup is incredibly hard. It’s not just about building engaging games. You also need to tweak paid acquisition strategies, retention numbers, in-app purchase triggers and improve the lifetime value of your players.
This is Atomico’s first investment in a French startup as a lead investor. Atomico has invested in Rovio and Supercell in the past. So the VC firm thinks the Oh BiBi team is well positioned to tackle this market.