"It is no secret that the company has had a strained financial situation in recent years that made it challenging to fully realize our new strategy and get back on the right track."
Norwegian studio Funcom is back in the black after receiving a $6.3 million private placement investment.
The company has also significantly reduced its debt by $7.7 million through a debt conversion process, and as a result the developer's equity has swung from -$10 million to +$4 million.
Funcom, which created the LEGO Minifigures Online and Age of Conan MMOs, says it will employ a new strategy going forward, and will simultaneously develop small and large scale games at its offices in Oslo and North Carolina.
“This investment is a major turning point for the company,” said company CEO, Rui Casais.
“Funcom has been making great games for more than twenty-three years, but it is no secret that the company has had a strained financial situation in recent years that made it challenging to fully realize our new strategy and get back on the right track. This investment allows us to finally do that.”
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