Realtime Worlds, a UK-based games developer backed by advertising group WPP’s corporate venturing unit, has gone into administration.
Begbies Traynor was appointed to help Realtime, and a source close to the company said the situation was "fluid" and unclear as to whether investors would lose their holdings.
Realtime raised $50m in its series B round two years earlier from venture capital firms Maverick Capital and New Enterprise Associates (NEA) and WPP. WPP and NEA had previously supported its $31m series A round.
Realtime was founded in 2002 by David Jones, the creator of computer games Grand Theft Auto and Lemmings that have sold more than 50 and 20 million copies respectively.
Begbies said it would try and sell Realtime as a going concern, according to newswire Press Association, which added that the accountants blamed the slide in fortunes on poor demand for Realtime’s latest game APB: All Points Bulletin, which was delayed in production and released six weeks ago.