Legendary Investments Plc has acquired an initial 42.5 per cent. equity interest in Raw Games, a recently established company specialising in the development of games on platforms including mobile devices. As part-consideration for the initial interest Legendary shall provide management and consultancy services to assist Raw Games in developing and growing its business. Legendary has also obtained representation on Raw Games' Board.
The principals and staff of Raw Games have the opportunity to earn back from Legendary a 22.5 per cent. equity interest in Raw Games upon hitting certain milestones; in that event, Legendary shall retain a 20% share stake. In addition Legendary has an option to increase its equity interest further, on terms to be determined.
Raw Games is a creative games developer founded in 2010 and based in Birmingham Science Park Aston supported by the Parks Entrepreneurs for the Future (e4f) programme. The technology utilised by Raw Game's enables it to design and develop core and casual games across the majority of established platforms (including mobile devices). Raw Games' strategy is to break games into smaller downloadable episodes that are story driven. This reduces game development cycles and allows games to be taken to revenue generation faster.
John Tearle, Managing Director of Raw Games said: “The mentoring and advice we have received together with the vibrant technology community at Birmingham Science Park Aston has been invaluable and we are delighted to have received our investment to take the business to the next stage.”
Raw Games intends to take advantage of the emerging shift towards browser based gaming that is expected to be accelerated through the increasing adoption of cloud-based distribution channels. Raw Games first product, "The Spire" is currently under development. The teaser trailer release for The Spire received over 230,000 views within the first 5 days of release. The online games industry is growing rapidly. It is estimated that online revenue from games was around USD 12billion in 2009. This is expected to more than double by 2015.
Further information on Raw Games is available at www.rawgames.co.uk and further details on the Entrepreneurs for the Future programme are available at: http://e4f.bsp-a.com/