• TechCrunch, Thursday, August 4, 2011 9:48 AM

Mobile gaming shop Storm8 is reportedly close to raising $300 million at a $1 billion valuation. "It's not totally clear who is investing, but we're hearing that the deal includes Accel Partners and Technology Crossover Ventures," reports TechCrunch. "We've also heard that Zynga was bidding hard on the company, but stepped away after the deal got too rich."

Storm8 is the development shop behind hits such as World War and iMobsters, while its studio TeamLava produced the popular Restaurant Story, Bakery Story, Farm Story, and Fashion Story. "Many of the games that have hit top apps lists for both iPhone and Android, and between them, we're hearing the company is on pace to make $100 million in revenue this year," TechCrunch adds.

Earlier this month, it announced reaching over 210 million downloads, 5 billion total sessions, and 18 billion minutes played across all of its games. More impressive yet, the company has yet raised any external funding.

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