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Worms developer Team17 scoops $21.8 million investment to grow business

Date Type Companies involved Size
September 1st, 2016 investment Team17 $21.8m
Worms developer Team17 scoops $21.8 million investment to grow business

UK developer-turned-publisher Team17 has raised $21.8 million (£16.5 million) to expand its business.

As reported by MCV, the money comes from private equity firm Lloyds Development Capital, which has also taken a minority stake in the company and will offer additional support and funding if required.

Team17 has already made use of the money to acquire The Escapists developer Mouldy Toof Studios. The publisher is also eyeing up further potential acquisitions as it looks to grow its business.

Common goals

"LDC shares our vision and understands the importance of people and the way our incubation program and our business models work," said Team17 CEO Debbie Bestwick.

"I believe it's fair to say that we have the same common goals about creating successful IP and supporting new and established studios to become sustainable businesses that will become long-term partners with Team17."

The publisher has found most of its success on PC and console, particularly when it comes to third-party titles.

The publisher has still had a number of its games find their way to mobile, however. In the last year it has launched Worms 4 for iOS and Android, and it has also previously released Flockers on mobile.

 

 


Editor

Ric is the Editor of PocketGamer.biz, having started out as a Staff Writer on the site back in 2015. He received an honourable mention in both the MCV and Develop 30 Under 30 lists in 2016 and refuses to let anyone forget about it.

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