- Vivid Games has gained a new strategic investor in Gemini Grupė UAB
- Funds will go towards the development of Real Boxing 3 and other new projects
Get Industry News In Your Inbox…
Sign Up Today
Polish mobile games developer Vivid Games has gained a new strategic investor, with Lithuanian fund Gemini Grupė UAB set to take over more than 40% of shares.
The deal will secure PLN 5.23 million ($1.36 million) towards Vivid’s development of Real Boxing 3 and other new projects.
European expansion
After reviewing its strategic options, Vivid Games’ board reached an agreement to sell close to half its shares to Gemini Grupė UAB not only for direct financial benefit but also to grow the mobile brand Real Boxing; with Real Boxing 3 on the horizon, Vivid hopes to leverage the experience Gemini Grupė UAB and its portfolio companies have in Europe particularly.
This growth ambition follows previous titles, Real Boxing and Real Boxing 2, finding a clear market in the US but only small audiences in European countries. According to AppMagic data, the UK comprises Real Boxing’s biggest European market at only 6% of global revenue; meanwhile, 40% of its revenue has come from the US.
As for Real Boxing 2, the UK is again the biggest audience in Europe but only represents 5% of spending. The US market has contributed 54% of earnings across Apple’s App Store and the Google Play Store.
Making milestones
“We decided on the Lithuanian fund’s offer because it is able to quickly provide us with the funds necessary for the further development of Real Boxing 3, provide us with financial security in the future, and support us in building the global Real Boxing brand,” Vivid Games CEO Piotr Gamracy explained.
“The fund, through its portfolio companies, has experience in bringing products to store shelves in Europe. We would like to take advantage of this and build the Real Boxing brand as present both in the digital world and in offline product and service offerings.
“Conducting a public issue under current market conditions and with the current shareholder structure was not possible. The issue price takes into account these specifics. I am convinced that attracting a solid investor is a chance for the company to focus on achieving ambitious goals that will translate into an increase in its value in the future.”
The developer also took to LinkedIn to add: “This partnership marks a significant milestone for us as we continue the development of Real Boxing 3 and strive to build a global brand.
“With Gemini Grupė’s financial support and experience in bringing products to European store shelves, we’re positioned to expand the Real Boxing brand beyond the digital world and into offline products and services.”
