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Funcom Gets Oslo Stock Listing, $30 Million Capitalization
by Nich Maragos [PC]
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December 14, 2005
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After Funcom applied for a public listing on the Oslo Stock Exchange, located in the home town of the Norwegian developer of MMORPGs such as Anarchy Online and the upcoming Age of Conan, the company has been granted a spot on the exchange under the sign 'FUNCOM', having raised significant funds by selling shares in itself.
"The fact that we have been able to secure close to 30 million USD with the listing means that we can further improve the quality on all aspects of our forthcoming online games" said Trond Arne Aas, CEO of Funcom. "We are naturally thrilled about this recognition. The games market is set to further expand its growth, and with the listing Funcom can continue to deliver the needed quality to take part in this evolution."
The company currently has one million registered users in its community. Funcom gained €5 million ($6.1 million) of additional venture capital funding in August and was one of the first publishers to attempt free MMO play in the West, with an advertising-led profit model. As well as its Norwegian headquarters, the company currently also operates offices in Switzerland, Luxemburg, the U.S. and China.
"This is a historical step for Funcom, and marks a new era for the company" said Funcom chairman of the board Torleif Ahlsand. "The stock exchange listing not only allows Funcom to release more titles, it enables the company to pursue its growth strategy." The first day of trading on the OSE with Funcom listed was rung in by Funcom founder and developer Gaute Godager, who was present at the opening ceremony.
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