Swedish gaming company Stillfront has today announced completing a directed share issue of 1,558,441 new shares with Swedish, international institutional and other qualified investors, overall raising approximately €114 million. The funds will be used to bring the company the strength and flexibility to act swiftly on potential future acquisitions and growth opportunities.
Founded in 2010, Stillfront is a global group of gaming studios and a market leader in the free-to-play online strategy games genre. Their aim is to become one of the leading indie games creators and publishers, providing high-quality X-platform games. So far its main markets are the US, Germany, MENA, France and UK, and it has a team of 750 people spread across 14 studios in Germany, Malta, Ireland, Sweden, Romania, Canada, the UAE, Bulgaria, the US, Australia and Vietnam.
Today the studio has around 40 games as part of its active portfolio, which it separates into 3 categories: Strategy; Simulation, RPG & Action; and Casual & Mash-up. Strategy games include classic and new war games, being cross-platform or developed first for mobile experience, such as ‘Imperia Online’, ‘War and Peace’, ‘Call of War’ and ‘Empire’. Next up are the Simulation games, which include titles like ‘Big Farm’ and ‘Mobile Harvest’. Finally, the Casual & Mash-up category includes puzzle games like ‘Home Design Makeover’ and ‘Property Brothers Home Design’.
The directed share issue was significantly oversubscribed by both new as well as current reputable Swedish and international institutional and other qualified investors. On the same thread, gaming technology was recently voted by EU-Startups readers in our ‘new normal’ survey as one of the sectors most likely to grow as a result of the global coronavirus pandemic. With social distancing set to continue for at least the next few months across the world, it seems logical that home entertainment options like gaming are on the rise.
Jörgen Larsson, CEO, comments: “We are very pleased with the response from new investors as well as from existing shareholders. Our ambition is to continue developing Stillfront to a leading free-to-play powerhouse of gaming studios and we see this as an acknowledgment that investors believe in our growth agenda.”