Stockholm-floated developer Nitro Games plans to issue 998,000 new shares in an effort to raise 47.4 million SEK ($5.3 million).
The studio said the money raised would primarily go toward marketing and scaling up its new team-based competitive multiplayer mobile title Heroes of Warland, as well as reality show Heroes & Superstars.
The move is subject to approval by shareholders, with a vote expected on October 24th during an extraordinary general meeting.
Expanding global reach
“We are happy to welcome new institutional and professional investors to be part of the Nitro Games journey going forward,” said Nitro Games CEO Jussi Tähtinen.
“With the funds we are raising from new investors and the continued support from our current investors, we will be able to execute on our high set goals for expanding the reach and monetisation of our portfolio of mobile games.
“We are especially excited about the upcoming commercial launch of Heroes of Warland, currently in soft launch. The capital raised will also give us financial strength and flexibility in exploring new opportunities.”