5th Planet Games - formerly Hugo Games - has secured $4.85 million (42 million kr) to fund future acquisition efforts.

Danish asset management firm Formue Nord A/S has signed a deal with 5th Planet to provide the funding. The developer has eyes on making multiple purchases and is eyeing up profitable developers with proven track records.

5th Planet assured that any studios it ends up acquiring will still retain the rights to develop their own IP and operate under local management.

Name of the game

Hugo Games acquired the original 5th Planet Games, developer of Dawn of the Dragons, last October for $737,000. Following that purchase, Hugo Games took on the new name.

5th Planet sees future acquisitions as a way to broaden its reach, working with multiple studios on various IPs rather than placing all its eggs in one basket.

"It is important to understand that it's not our ambition to build a big bureaucratic and corporate organisation," said CEO Henrik Nielsen, in a statement.

"Instead, we want to make sure that we have strong local leadership in control of their own destiny while having access to commercial and business-related help."

Looking for investment of your own? Check out the Investor Connector at Pocket Gamer Connects Seattle on May 13th to 14th.