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GP Bullhound advises Playdo AB on its €3m funding round


17th December 2008

GP Bullhound advises leading online multiplayer game and virtual world developer Playdo AB on its €3m funding round

GP Bullhound, the technology investment bank, today announces the completion of a €3 million financing round for Playdo AB, the Internet game developer responsible for Spineworld (www.spineworld.com), a fast growing online multiplayer game with over 1 million registered users.

The funding round was lead by Miniclip Ltd. and Northzone Ventures. The funds will be used for the development of Spineworld as well as for marketing and general corporate purposes.

Rob Small, CEO and Co-Founder of Miniclip, one of the world’s largest casual game destinations, comments that “We are truly impressed with the Spineworld look and feel and long term game vision. We look forward to bring our experience to the table to make this one of the most popular online games in the market”.

According to Torleif Ahlsand, General Partner at Northzone AND Chairman of the Board of Funcom; 'The casual MMO market shows great promise, but is also getting increasingly crowded. We believe Spineworld stands out by delivering an attractive combination of a deep story, attractive gameplay, a proven business model, and a unique distribution partner with Miniclip”.

Martin Ericsson, CEO of Playdo AB, commented on GP Bullhound's role: 'I was impressed by the strength and global reach of GP Bullhound’s network of institutional investors. This combined with deep domain expertise means they are truly value add advisors. We are delighted to work with Northzone, one of Europe’s premier VC’s and Miniclip, who has become one of world’s largest gaming portals. This financing will enable us to accelerate our rapid growth and roll-out new innovative additional features in Spineworld.”

This fundraising represents the completion of GP Bullhound's tenth private placement for the year, confirming its position as the #1 European Technology Private Placement house.


Publisher Contact Information:

GP Bullhound Limited
-
gpbullhoundpress@gpbullhound.com

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