EIB boosts development of innovative technologies for mobile entertainment services with Rovio Entertainment
6 Jun 2014 10:47 AM
Supporting job creation
and growth through innovation by medium-sized companies (mid-caps) is one of
the priorities of the European Investment Bank (EIB). Consequently, the EIB and
Rovio have agreed on a EUR 25 million facility to support Rovio’s
technological innovations in various entertainment sectors. This is the first
transaction under a new generation of joint financial instruments providing
support to innovative companies that the European Commission and the EIB Group
will formally launch on 12 June.
The EIB financing will be used
specifically for the development of Rovio’s innovative platform for
mobile games and other entertainment services. Rovio is an entertainment media
company that creatively combines digital with physical, breaking the boundaries
of traditional content delivery, and is best known for its globally beloved
Angry Birds brand. It has demonstrated strong growth, with growing revenues and
staff number in the past few years, the number of employees expanding from 200
at the beginning of 2012 to over 800 at the end of 2013. The company has
received several innovation awards, such as the Innovation of Innovations 2011
award in Finland.
Jonathan Taylor, EIB
Vice-President responsible for the Bank’s operations in Finland,
commented: “Mid-cap companies have a key role to play in competitiveness,
job creation and growth in Europe. However, they often face difficulties
accessing appropriate financial resources. The new generation of joint
financial instruments aims to fill this market gap in the case of companies
that consistently prove to be particularly strong on innovation. Rovio, with
its strong focus on development of innovations, is an ideal candidate for this
facility.”
Herkko Soininen, CFO of Rovio
Entertainment Ltd. said: “We are delighted to work with such an
established partner in the financing sector that genuinely understands the
fresh way of thinking and growth-oriented attitude Rovio
presents.”