Developer Funcom Secures $1.6 Million in Equity for LEGO MMO Launch
Developer Funcom has seen its share of financial woes following the difficulties of launching its previous MMO, The Secret World, and with gaining an audience. However, with the upcoming launch of its new LEGO-themed MMO, the company is looking to possibly turn its ship around, thanks to some hefty financial endeavors.
Reports detail that the Norwegian-based studio has received NOK 9.7 million (about $1.6 million US) following the issue of 2.2 million in new shares to prepare for the upcoming launch of LEGO Minifigures Online, a new MMO based in the LEGO universe.
The equity agreement resulting in the capitol gain was the initial result of a set-up with YA Global Master SPV in May 2012, which provided the option for the company to utilize the extra funds for 36 months, at any point in time. In addition, this also allows Funcom to utilize the agreement again at any point toward development of the game, until the agreement expires in May 2015. Funcom CEO Ole Schreiner also issued a statement regarding the extra funds for LEGO Minifigures Online:
“We are very pleased to have increased the company’s financial flexibility with funds that will be used in preparing for the launch of Lego Minifigures Online. We have several times expressed a need for additional equity and have considered different alternatives to secure this. This facility has been available to us since 2012, but the timing has not been right before.”
LEGO Minifigures Online releases for PC, Android, and iOS in Summer 2014.