Stunlock Studios adds Tencent as investors in the company.
Stunlock Studios, a Skövde, Sweden-based gaming company, sold a part of the company to the Chinese company Tencent.
The deal was made for 31% of the company's shares, for which Tencent paid $4M. With the investment, Tencent becomes the company's largest owner. Then follows the CEO Rickard Frisegård and Game Development Manager Peter Ilves, with about 11 percent of the shares each.
Stunlock Studios, founded in 2010 and led by CEO Rickard Frisegård, is known for having developed a platform called Steam Battlerite, a fighting game in fantasy environment, where two teams fight each other for the best of five rounds in a gladiator-like arena. The company had 300k downloads in its first month of its launch in 2016.
Prior to Tencent's investment, Stunlock Studios raised approximately SEK 8.7 million in capital from business angel Jonas Cederholm, who previously founded the Cherry-owned casino company Game Lounge. He now owns just under 7 percent of the company.