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Finance

Monumental secures £2 million investment

Thu 21 Jan 2010 11:04am GMT / 6:04am EST / 3:04am PST
BusinessOnline

Football Superstars developer to use cash for further growth

Monumental Games

Monumental is all about its employees. Founded in 2005 the company has grown steadily over time, always...

monumentalgames.com

Football Superstars developer Monumental Games has secured £2 million in investment from Maven Capital Partners, joint manager of the government's Capital for Enterprise fund.

The Nottingham-based company, which owns and operates its proprietary MMO games technology, will use the funding for growth over the coming years and to continue its technological development.

"This investment is a major milestone in the evolution of Monumental Games, and a vindication of our decision to focus on this market space," offered Monumentalís CEO, Rik Alexander.

"We will use this capital to develop our technology to better serve our teams, develop our skills and further cement our relationships with our publishing partners. It gives us the opportunity to consolidate our growth to date and to pursue some exciting opportunities moving forward."

The Capital for Enterprise fund is a £75 million government initiative offering support to small and medium enterprises to bridge the funding gap caused by the credit crisis.

Andrew Ferguson, Partner at Maven, added, "Monumental is an innovative MMO games developer and we have been very impressed with its development to date, in particular that the company has grown from start up with no third-party equity or debt funding.

"This investment by the CfE Fund will provide Monumental with the necessary growth capital to help the team achieve their strategic vision, and demonstrates the value of the fund in supporting ambitious UK businesses. We look forward to working with Rik and his team, to help them achieve their ambitions for the company."

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