Backflip Studios, the indie developer behind the popular Paper Toss game for the iPhone, has raised $145,000 in funding, according to a regulatory filing. This appears to be the Boulder, Colo.-based startup’s first round of funding; we’re in the process of confirming and trying to get a read on the investor.

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Backflip’s Paper Toss has remained one of the top free iPhone games since its launch in early June; the 99-cent version, Paper Toss World Tour, is currently also one of the top five paid apps. Not bad for a developer that only submitted its first game to the App Store in late April.

Competition in the iPhone gaming market—even at the 99-cent price point—continues to heat up, with increased interest from big gaming companies like EA and Namco, as well as social gaming startups like Playdom.