Mag Interactive snaps up competitor, raises SEK 80M in capital to finance it.
The money was invested through Robur's Microcap fund and will be used to finance the transaction through which MAG Interactive acquired FEO Media and its popular trivia franchise, QuizDuel.
MAG Interactive, led by CEO Daniel Hasselberg, is a mobile gaming company with titles including Ruzzle, Ruzzle Adventure and Wordbrain, all of which have reached top spots on the App Store and Google Play. The company claims that it exceeded 100 million downloads across its portfolio in 2016 and has just surpassed 70 million downloads with its flagship franchise, Ruzzle.
This is the third acquisition of MAG Interactive, following the ones of the game WordBrain in 2014 and the company Delinquent Interactive in 2015. Following the acquisition of FEO Media, MAG Interactive now has a leading position in mobile word games as well as trivia as it now reaches over 10 million monthly active users with a portfolio games with more than a total of 200 million downloads.
MAG Interactive is backed by Nokia Growth Partners, which invested $6M in the company in 2013.