Asset management firm Swedbank Robur has invested Skr80m ($9.7m) in Mag Interactive, a Sweden-based mobile game developer backed by communications technology provider Nokia.
Mag develops mobile apps and games for mobile operating systems iOS and Android. Its game portfolio, which includes Ruzzle, QuizDuel and Wordalot, exceeded 100 million downloads in 2016.
The funding will support Mag’s acquisition of FEO Media, the developer of trivia game QuizDuel, which was announced last month. It is Mag’s third purchase, following its acquisition of puzzle game WordBrain in 2014 and game studio Delinquent Interactive in 2015.
Mag had previously secured $6m from Nokia’s corporate venturing unit, Nokia Growth Partners, and an undisclosed private investor in 2013.
Daniel Hasselberg, Mag’s CEO, said: “We are very happy to work with Swedbank Robur to finalise the acquisition of FEO Media and continue to build these great brands and cater to our players.
“Investments like this help us play an active part of the consolidation in the games market. We pride ourselves on being a part in keeping a great intellectual property like QuizDuel in Swedish hands.”