Play Magnus completed a $11.3M in fundig backed by Investinor and Cape Capital.
Play Magnus, an Oslo, Norway-based company providing a digital platform for chess players, announced the completion of a capital investment round totalling NOK 125M ($11.3M).
The money was provided by a group of new and existing investors, including Investinor and Cape Capital. Funding was paid in two tranches - a first of NOK 84 million, to which Cape Capital contributed with 32.5 million, and a second of NOK 42M, out of which Investinor has committed NOK 37 million and Cape Capital a further 5 million.
The major focus of Play Magnus includes the consolidation of various chess businesses, which is already in full swing through the merger with Chess24 and the acquisition of Chessable. Following those deals, Play Magnus becomes the second largest player in online chess, after Chess.com.
Play Magnus, founded in 2013 by Magnus Carlsen (Norwegian chess grandmaster who is the current World Chess Champion, World Rapid Chess Champion and World Blitz Chess Champion) developed a mobile app allowing players test against a computer that mimics Magnus Carlsen's skills at his various ages.