Gigantic Duck raises 10 million SEK in new funding
Investment AB Chiffonjén and an investor network, anchored by 2M Invest, are investing a total of SEK 10 million when the Borås-based computer game company Gigantic Duck raises funding for further expansion.
Funds raised will be used to accelerate growth and product development, primarily of the game Bombergrounds: Battle Royale which has already attracted media attention since its successful early access launch.
“The capital we are raising will allow us to accelerate the development of our company in many different ways, but mainly to allocate resources for continued product development and expansion. In addition, we bring in a broad group of competent and experienced people in running start-ups to the company and its board" says Jimmy Nyström, CEO and founder of Gigantic Duck.
Gigantic Duck has been part of Science Park Skövde’s Startup Program and Sweden Game Arena since 2019, which has given them support and insights about the games indutry.
”When I became their coach two years ago, I thought it was clear that they had an unusually well-thought-out design and business idea. When they released their first version of Bombergrounds: Battle Royale, the hit was a fact and since then they have gone from clarity to clarity. This investment gives them the opportunity to live up to their name and become a giant in the Swedish gaming industry” says Jimmy Lee Öman, business coach at Science Park Skövde.
It was in the beginning of March 2020 that Gigantic Duck launched an early access-version of the game Bombergrounds: Battle Royale, which without any paid marketing efforts got 700,000 users in the first few months.
“We were humbled by the success of our game and quickly realised the potential of the product. It was also then that we realised that we needed to raise capital to do the game justice" says Alexander Martinovic, Vice President and Co-Founder of Gigantic Duck.
Chiffonjén Investments decision to invest in Gigantic Duck marks the investor groups entry into an entirely new business sector, as the CEO comments:
“I am convinced that together with the founders we can achieve something really good. A new industry for us and we usually invest in a later phase. But the early access launch has generated revenue and shown growth potential beyond expectations. Within our network, we have experience and can add expertise for the company's future growth” says Magnus Trast, CEO of Investment AB Chiffonjén.
Petter Jacobs, one of Chiffonjén's co-owners, will take a seat on Gigantic Duck's board.
The other investor, 2M Invest, representing the broader investor network, will invest an equal amount. They are also the ones taking up the gavel in the boardroom in the role as chair.
“The founders are two really talented game developers and entrepreneurs who together have laid the foundations for something that could be really big. Now, hard work awaits from the board and staff to deliver and then launch the game properly. I'm looking forward to this journey" says Mikael Haag, incoming chairman of the board of Gigantic Duck.