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iPhone games on the up as developer bags $10m

Venture capitalist pores cash into Ngmoco

Times may be tough for many, but that isn't stopping venture capitalist firms from seeding money to businesses they think will be successful. iPhone game publisher Ngmoco has just closed $10m in fresh finance from Norwest Venture Partners.

Ngmoco is the iPhone and iPod touch game publisher behind titles including Rolando, Dropship, Topple and other games. The company was founded by Neil Young, formerly of Electronic Arts.

Ngmoco was originally financed in part by venture capital from Kleiner Perkins Caufield & Byers, which set up the $100m iFund to help finance iPhone developers. KPCB remains invested, along with Maples Investments. Tim Chang of NVP joins Ngmoco's board of directors.

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