SF-based Three Rings, a developer of casual games, has raised $3.5 million in first-round funding from True Ventures and Chance Technologies, reports VentureBeat. The raise itself came last summer. The company is the developer of the popular game Puzzle Pirates, which claims an estimated 3 million users. That game took in revenue of $4 million in 2007, $3 million of which came via its virtual currency model, which the company is an ardent believer in.
By Joseph Weisenthal