Monumental funded £2m from UK scheme
Monday, 25th January 2010 at 8:39 am
Manchester and Nottingham-based developer strikes Capital for Enterprise investment
MMO and middleware studio Monumental Games is one of the first studios to land investment from the UK’s Capital for Enterprise Fund, after securing £2 million from the nationwide initiative.
The Capital for Enterprise Fund is a government initiative launched early in 2009 to support SMEs as Britain tip-toes out of the recession. It will give ambitious companies the financial support required to bridge the funding gap caused by the credit crisis.
Monumental announced it had secured the £2 million investment at the end of last year. According to the studio’s CEO and co-founder, Rik Alexander, the funds will be used to develop technologies, strengthen its workforce and allow room to innovate in the MMO space.
“This investment is a major milestone in the evolution of Monumental Games, and a vindication of our decision to focus on this market space,” said Alexander.
This is not the first time the growing MMO developer has secured national funds. In September 2008 the group was handed almost £300,000 from the Technology Strategy Board (TSB) – which provides cash injections to various digital media companies. The TSB is now primed for its second round of funding.
The £3 million investment in Monumental was made by Maven Capital Partners, a joint manager of the Capital for Enterprise Fund.
Andrew Ferguson, partner at Maven, said he had been impressed by the growth Monumental had achieved since it was established in 2005.
“In particular that they have grown this business from start up to revenues in excess of £6 million with no third-party equity or debt funding,” he added.
Monumental – which has studios in Nottingham and Manchester – is working on three known projects - Football Superstars, Hunter's World and MotoGP 0910.
Develop’s recent interview with Monumental’s David Tolley – discussing the benefits of integrating foreign teams – can be found here.
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