Jagex Secures Fresh Investment
Unspecified amount secured from three firms to enable RuneScape developer to further expand operations.
RuneScape developer Jagex has announced it has secured investment capital to further expand its operations and publishing capabilities.
The funding comes courtesy of Insight Venture Partners, Spectrum Equity Investors and The Raine Group. Financial details of the deal were not disclosed.
As part of the investment Jagex has four new executives. Spectrum Equity’s Chris Mitchell and Jim Quagliaroli, and Brandon Gardner and John Salter of Raine will now sit on the developer’s board of directors. Insight’s Jeff Horing and Alex Crisses have been board members for some time, as Insight are returning investors.
Mark Gerhard, Jagex CEO, said: “Insight has been part of the Jagex family for a number of years, and both Spectrum and Raine bring a wealth of expertise. This investment will hugely benefit both the Jagex team and our loyal community.”
Cambridge-based Jagex, winner of best developer at the Golden Joystick Awards in 2009 and 2010, is purportedly the UK’s biggest independent developer, thanks largely to the browser-based RuneScape, which it says is the world’s biggest free-to-play MMOG with over 100 million players.
In 2009 it was named one of the UK’s fastest-growing tech firms after sales revenue grew 600 per cent between 2005 and 2008.