Zynga News: The CityVille Game-maker is seeking to raise $500 Million

According to an article in the New York Post today CityVille game-maker Zynga is seeking to raise $500 million. In order to do so it is opening up it’s books to investors and showing an even more profitable company than previously expected. The company is continuing to promote CityVille internationally and after the $500 million in fundraising would be valued at around $10 billion USD. The folks at Zynga certainly know a thing or two about raising money.

Look at Zynga’s book$$
Hot firm worth $10B
By JOSH KOSMAN and GARETT SLOANE
Zynga, the social gaming upstart behind the popular FarmVille, will have plenty of money to play around with.

As part of its efforts to raise $500 million in financing, the San Francisco-based company is giving investors an inside peek at its financials, which reveal it to be a far more profitable company than previously believed.

Zynga expects to generate $1.8 billion in revenue in 2011, reaping $630 million in profit, according to a source who was approached to invest.

The $500 million funding round would value Zynga at around $10 billion, or 16 times its projected 2011 profits.

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