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Flagship Studios obtains funding

The Hellgate: London developer has closed a transaction with Comerica Bank to support further development

Flagship Studios, the developer of Hellgate: London and Mythos, has announced that they have closed a finance transaction with Comerica Bank to support further game development.

The multi-million dollar facility, using an independent film financing model as its basis, is backed by the sale and distribution rights to Flagship's Hellgate: London franchise.

"By following a model similar to independent film financing, we are able to directly finance ongoing content for our online games without relying upon a publisher's investment," said Flagship Studio's Steve Goldstein, director of business development and general counsel.

"As the PC game business makes the transition from the boxed retail model to the online model, alternative financing will become a cornerstone of expanding the industry."

Flagship Studios was formed in 2003 by former executives and developers from Blizzard North, creators of the Diablo franchise.

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Mark Androvich