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The Swedish mobile studio MAG Interactive has secured an 80 million SEK (~$9.7 million) investment to assist in financing its recent acquisition of QuizDuel developer FEO Media.
The investment comes from the Nordic fund manager Swedbank Robur’s Microcap fund, which was established earlier this year to support small companies in Nordic countries. With the additional funding under its belt, MAG Interactive is able to finalize its purchase of FEO Media and bring its popular quiz game QuizDuel into its growing mobile game portfolio.
That acquisition was first announced in late October for an undisclosed sum, marking MAG Interactive’s third significant purchase in four years following its acquisition of WordBrain in 2014 and Delinquent Interactive in 2015.
“It is exciting to have the opportunity to invest in MAG Interactive and at the same time help [realize] the truly strategic acquisition of FEO Media,” said Microcap fund manager Erik Sprinchorn in a statement.
“The development of a strong Nordic cluster in the games sector is something we strongly believe and want to play an active part in. Mobile games have proven over time to be a stronger and more profitable business than most of us expected a few years ago and MAG is a great example of that with a global, profitable business with fantastic future potential.”