Small Giant Games raises more investment funding in a $41M transaction led by EQT Ventures.

Small Giant Games, a Helsinki, Finland-based gaming company announced securing an investment round totalling $41M.

The money comes from existing investors led by EQT Ventures and including Spintop Ventures, Creandum and PROFounders.

It should be noted that a large portion of the transaction value is a secondary purchase from the Small Giant Games’ founders and team, which cashed out some of their position.

The rest of the funding will be used for expanding internationally and further investing in the development team.

Small Giant Games was founded in early 2013 and is led by CEO Timo Soininen. The company's latest title, Empires & Puzzles, generated more than 10 million downloads and $33M in revenue since its release in March 2017. About 33% of the user base is active on a monthly basis, with around a million players returning on daily basis.

Other titles include Oddwings Escape and Rope Racers.

Small Giant Games has 25 employees based in Finland. Prior to this round, the company raised almost $10M from investors, with the last investment round in March 2017 of €5.4M ($5.7M).