Denmark's largest developer and distributor of games and entertainment for mobile phones Kiloo has raised DKK 4m (USD 830,000) in fresh capital from venture company Firmainvest in Aarhus, Jutland. The money will be spent to create new growth, writes financial daily newspaper Børsen.
Aarhus-based Kiloo, which was founded in 2000, has a catalogue of games featuring well-known consumer brands including LEGO, Hugo The Troll and Happy Tree Friends. The company gained recognition in 2002 when it won the Entertainment Award in the prestigious Nokia Mobile Challenge competition, ahead of more than 500 other game development companies.
"With the capital injection from Firmainvest, we can now buy more rights to well-known brands and develop games which fit into the universe of the brand," Jacob Møller, the founder of Kiloo told Børsen. "After that, we will sell the games, together with strong games distributors like Disney and Electronic Arts, to telecompanies throughout the world. We also plan to spread to other handheld games platforms, for example Nintendo DS," said Møller.
Following the investment, Kiloo will be turned into a private limited company with Jacob Møller owning 64% of the shares, Firmainvest 20% and Karl Woods, a British citizen with a background as sales and marketing director of a US games distributor, 16%.