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Mobile dev Small Giant Games secures $41m investment ten months after first release

"Small Giant Games ticks all the boxes for the kind of companies the team wants to support," says EQT Ventures

Independent Finish mobile developer Small Giant Games has today announced the completion of a $41 million investment round.

Led by EQT Ventures, along with Creandum, Spintop Ventures, and ProFounders, the funds will be channelled towards expanding international reach and further investing in the development team.

The studio's first and only release, Empires and Puzzles, launched in March 2017 on Android and iOS. It broke into the top 100 grossing gaming apps across key western markets, has over ten million downloads worldwide, and a reported $33 million of revenue last year.

"At Small Giant Games, we believe that small, focused teams can achieve huge things," said Timo Soininen, CEO, Small Giant Games. "Our team didn't only get into the top 100 grossing gaming apps, but successfully created a strong new brand with a loyal following. We've now got a proven, scalable game ready for the next phase of growth.

"This latest round of investment will enable us to continue innovation, actively target new markets and leverage the game's successful framework for future games. The secondaries were also a way for us to reward the whole team and continue building a global success story.

"The extensive mobile gaming experience within the EQT Ventures team has been invaluable in terms of scaling Empires and Puzzles, as well as the company, and we're looking forward to the next phase of the journey."

Lars Jörnow, partner and investment adviser to EQT Ventures added: "For EQT Ventures, Small Giant Games ticks all the boxes for the kind of companies the team wants to support.

"The strong, data-driven entrepreneurial team had a clear vision of what it wanted to achieve and it's delivering on that. Small Giant Games has achieved great traction and is determined to become a global winner - this is exactly the kind of attitude the EQT Ventures team looks for."

Based in Helsinki, Small Giant Games currently has 25 employees but has confirmed it is now actively hiring.

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