Eutechnyx Ltd of Gateshead has become the first recipient of an investment from the £125 million public Finance for Business North East Fund. The money will allow Eutechnyx to develop new titles for the free-to-play online games market.
The £650,000 investment into Eutechnyx is being managed by venture capital firm NorthStar Equity Investors (NSEI).
NSEI managed the investment from the North East Accelerator Fund - one of a suite of six funds that sits within the Finance for Business North East Fund. The £125m fund will support loans and equity investments into around 850 businesses over the next five years.
Eutechnyx is one of the largest independent videogame developers in the world, specialising in console-based driving games since 1987, with titles such as Ferrari Challenge and The Fast and the Furious. Eutechnyx also secured investment of £5.2m from Prime Technology Ventures, a Dutch based technology investor, to support its development plans.
Brian Jobling, CEO of Eutechnyx, said, “As an independent developer, this injection will help us to continue to forge our own destiny within a rapidly changing games industry. Not only does the investment enable us to continue to innovate, we can continue to do so on our own terms.”