November 2024
RADICAL FORGE RAISES £2.6m
Radical Forge, the Middlesbrough-based games studio, has raised £2.6m from NPIF II – Mercia Equity Finance, which is managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II).
The NPIF II funding will enable the company to expand its team with the creation of 15 jobs, take on new and bigger contracts and launch its own game, Southfield, early next year.
Established in 2017 by two Teesside University computer games graduates, Bruce Slater and Freddie Babord, Radical Forge now employs around 70 people. The company has worked with some of the top names in the industry and contributed to games including Gang Beasts, Sea of Thieves, Golf With Your Friends, and Zombie Army 4.
It also produces its own IP with its first launch, the murder mystery puzzle Bright Paw, being published in 2020. Its latest game, Southfield, is a physics-driven farming sandbox game.
Bruce Slater, CEO, said: “Well, we did it! We are beyond happy to say that we’ve secured funding to help us build Radical Forge into the company we want it to be and bring everyone along with us on the journey.
“In Mercia, we found a partner willing to understand not only the nuts and bolts of the company but the human heart that makes it tick. They share our ambitions to be a great development partner whilst creating original games in a culture that puts people first.
“Thanks also to our advisers Cerelo, as without their guidance, navigating the world of finance would have been a whole lot tougher.”
Chris McCourt of Mercia Ventures added: “Radical Forge are a talented team with a vibrant culture that has helped them attract and retain skilled developers. We believe the current environment holds real opportunities for the business. With many of the big players in the industry downsizing their teams, they have the chance to attract top talent, expand their skills base and win larger and more complex projects. The NPIF II funding will enable them to pursue their expansion strategy and provide a further boost for Middlesbrough’s growing games industry.”
Mick Morris and Jonny Sharp of Leeds-based games specialists Cerelo Advisory provided fundraising advice to Radical Forge.
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
NPIF II – Mercia Equity Finance can provide equity investments in the NPIF II area with a primary focus on the Yorkshire and Humber regions of City of Kingston upon Hull and East Riding of Yorkshire, North Yorkshire, South Yorkshire and West Yorkshire.
Stephen Hey
stephenhey
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