Rovio Entertainment Corporation invests in Play Ventures Fund
PRESS RELEASE March 28, 2019
Rovio invests in Play Ventures Fund
ESPOO, Finland - Rovio Entertainment Corporation announces a three million US dollar investment in a venture capital fund managed by Play Ventures. Play Ventures was founded in 2018 by successful video game entrepreneurs Harri Manninen and Henric Suuronen. The fund makes early stage investments in video games companies globally.
The goal of Play Ventures is to invest in 20-25 companies and the fund has so far invested in five. The goal for the fund size is 30 million dollars, which has been achieved. Investments have been collected mainly from gaming companies and private investors.
"Our investment in Play Ventures is according to our M&A and growth strategy and the fund offers a good seedbed for new game ideas and companies", says Rovio's CFO René Lindell. "We regard Henric's and Harri's know-how in the industry as excellent and we believe that our investment in the fund offers Rovio many interesting possibilities."
"The goal of Play Ventures is to invest globally in the world's most promising early stage gaming companies and we pursue excellent returns for our investors. We appreciate Rovio's investment not only financially but also as an expression of trust, and we believe that Play Ventures also helps to cultivate the industry and create even better opportunities for early stage gaming companies", says Harri Manninen of Play Ventures.
Rovio Entertainment Corporation is a global, games-first entertainment company that creates, develops and publishes mobile games, which have been downloaded 4.5 billion times so far. The Company is best known for the global Angry Birds brand, which started as a popular mobile game in 2009, and has since evolved from games to various entertainment and consumer products in brand licensing. Today, the Company offers multiple mobile games, animations and has produced The Angry Birds Movie, which opened number one in theatres in 50 countries and the sequel which is in production. Rovio is headquartered in Finland and the company's shares are listed on the main list of NASDAQ Helsinki stock exchange with the trading code ROVIO. (www.rovio.com)