Norma Investment, a venture firm affiliated to Russian billionaire Roman Abramovich, has taken part in a $20mn round of funding for Russian game publisher 110 Industries, reports East-West Digital News (EWDN).
GEM Capital, an investment company founded by a top executive from the Russian oil and gas industry, and Sergey Kornikhin, a film producer, also contributed to the round in undisclosed proportions. 110 Industries focuses on AAA titles for gaming consoles and cloud gaming services, claiming to “make the most fun, thrilling, and engaging entertainment experiences for our players.” Now headquartered in London, the company was founded back in 2017 by Sergey Kolobyashkin and Anton Poletaev, who put $3mn in their venture.
110 Industries further raised $1.1mn from several investors, Poletaev told Vedomosti. These include The Untitled, a Russian pre-seed and seed fund, indicates CrunchBase.
The latest capital injection is intended to finance the development of ‘Wanted: dead,’ the company’s first game scheduled for release in 2022. The investors will receive a part of the generated revenues.