North West Fund takes Playdemic stake
WILMSLOW-based social gaming company Playdemic has secured an investment from the North West Fund in return for a minority stake.
The fund’s digital and creative pot, managed by AXM Venture Capital, described the deal as “large” but would not say how much it has put into the company. It can invest anything from £50,000 to £2m.
Last year the firm raised around £2.5m from a group of investors including the IBM heir David Watson.
Playdemic is behind the Facebook games Gourmet Ranch and Village Life – one of the fastest-growing games of 2013. It is the brainchild of software entrepreneur Paul Gouge, the Wigan-born founder of Rockpool Games, which he built up and sold for more than £7m in 2007.
Ian Livingstone, the Manchester-born founder of Tomb Raider publisher Eidos – which he left last month, joined the company as chairman in February.
Mr Gouge said: “This investment represents a significant milestone in the continued growth of Playdemic and our mission to deliver the best free-to-play games services to our players. We have developed a strong relationship with AXM through this process and look forward to growing Playdemic with them.”
AXM’s investment director David Smith, Investment Director, AXM Venture Capital, said: “We are very excited to have invested not only in a market leading social game developer – but also to be working alongside one of the most talented and successful management teams in the sector.”
The North West Fund and is financed by the European Regional Development Fund and the European Investment Bank.
