Stockholm-based gaming studio announces closing the largest single investment round for any virtual reality gaming company.
We got big news today from the gaming cluster of Sweden, since the virtual reality gaming studio founded by ex-King games guru Tommy Palm announces raising $6 million.
The Series A round was led by Google Ventures and other backers include Creandum, Initial Capital, Bonnier Growth Media and Partech Ventures.
The CEO and Co-Founder Tommy Palm is thrilled about the support the company aiming to attract mainstream users among virtual reality gaming has received. Getting high caliber thought leaders and VCs backing up Resolution Games keeps the company growing – And since last spring when the company was founded, they’ve already doubled the size of their staff.
“We’re focused on VR for the long run with nimble, small teams creating lots of new concepts, establishing best practices and quickly landing on successful titles to add content for emerging VR devices. To date we’ve already created seven prototype games, released our first title and are working on our next release, which will be a fishing themed VR game to be released in early 2016,” Palm reveals.
Resolution Games will be using the new funds to grow its development teams to drive multiple games production at a faster rate. This allows the company to quickly gain knowledge, discover successful titles and raise the standards when it comes to games development across VR – while building a quality portfolio of IP for the emerging VR market.
“The funds will also give us the ability to ensure our longevity. As we learned with the mobile games market, perseverance is critical for building a successful company in an emerging market. Resolution Games will be around for years to come and will be able to focus on making the correct strategic choices to help the VR Games market grow into its potential,” says Palm.
This is also what Google Ventures general partner Joe Kraus emphasizes while stating that they believe VR is the next big gaming platform. Investment on Resolution Games was actually Google Ventures first one in a Swedish company after the firm expanded to Europe.
“The pace of development in virtual reality will be very high over the next five years, with mobile VR at the forefront because anyone with a smartphone has the core of a VR experience already in their pocket. Tommy and his team have a proven track record of game development and successful entrepreneurship, and we’re excited about what Resolution Games is going to do,” states Kraus.