Russian casual publisher Alawar Entertainment, which includes Alawar NewEdge Mobile as part of its umbrella of companies, has a new investor in the form of venture capital firm Almaz Capital Partners, which is a general partner of Almaz Capital Russia Fund I.

Almaz bought out previous shareholder Finam Investment Holding's 23 percent stake in the business for an undisclosed fee.

Alawar has released over 60 new games for platforms, including PC, Mac, iPhone, J2ME, Android and PlayStation 3, with titles including Farm Frenzy, The Treasures of Montezuma and Hotel Mogul.

It says over the past two and a half years, its capitalisation has more than quadrupled, with average turnover growth up to 120 percent per year.

"The company is well-positioned for a new stage of corporate development, which will mainly focus on international expansion," said Alexander Lyskovsky, Alawar CEO.

"Leveraging the network and experience of Almaz Capital Partners, we plan to enter new markets and extend the reach of our existing and upcoming titles."

"A key element of our investment strategy is to find innovative companies in Russia that are prepared for dynamic growth in other global markets. Alawar fits perfectly into this strategy," said Alexander Galitsky, managing partner at Almaz Capital Partners.

[source: Alawar Entertainment]