Kuuhubb and Reworks raise funds
Finnish game developer and publisher Kuuhubb has secured a one million-euro loan, while new Finnish game studio Reworks has raised around 1.3 million euros in pre-seed funding.
Kuuhubb received the approximately one million-euro debt financing from public organisation Business Finland. It comes with a seven-year maturity and one per cent yearly interest rate, with no repayment obligations for the first three years.
The Finnish company develops and publishes mobile games and apps targeted at a female audience, such as Recolor and My Hospital. It secured two million euros in financing in December 2018.
“The long-term loan comes with very favourable terms and is a great validation that the company is on the right track,” said Jouni Keränen, CEO of Kuuhubb.
Meanwhile, Reworks has raised approximately 1.3 million euros in a pre-seed investment round led by early-stage games investors Play Ventures and Big Bets, with Business Finland chipping in as well.
According to Pocketgamer.biz, the Helsinki-based studio aims to challenge the customisation games market and has soft-launched home design title Redecor. The studio is led by a former staff member at Sumoing, the company behind the Recolor game that was acquired in 2017 by Kuuhubb.
“We believe the customisation games segment has room for an innovative and focused newcomer,” commented Reworks CEO and co-founder Ilkka Teppo.
Good News from Finland is published by Finnfacts, which is part of Business Finland.