Virtuos Holdings, a Singapore-based video game developer backed by Legend Capital, a venture capital firm formed by conglomerate Legend Holdings, has secured $150m of funding from Baring Private Equity Asia (BPEA).
BPEA has become the largest external shareholder in the company through the deal, while Virtuos CEO Gilles Langourieux and the rest of the management team retain over 70% of its shares.
Founded in 2004, Virtuos is a content production company focused on the development of large budget (AAA in industry parlance) video games and 3D art production. It typically takes over the development of published games on PC, console and mobile platforms, adding visual upgrades and new gameplay mechanics in the process.
The funding will support the growth of Virtuos as well as strategic partnerships and acquisitions. It will also build out its digital platform and bolster the digitalisation of its production platforms.
Langourieux, said: “This investment from BPEA, which has a long history of supporting and growing Asian-based companies, will ensure that we stay at the forefront of AAA content development and deliver high value-added services in full game co-development and end-to-end art production, and continue to be the trusted partner for publishers and developers in developing blockbuster games.”
Virtuos has raised at least $165m of funding to date. 3D Capital Partners, a joint venture between investment holding company Enthéos and Leitmotiv Private Equity, supplied $15m to the business in March 2018. Virtuos contemporaneously shifted its headquarters from Shanghai, China to Singapore.
Virtuos received an undisclosed amount of funding from VC firm Xuhui Venture Capital in 2014.
Legend Capital had invested an undisclosed sum in the company in 2006. Its other existing investors include Lanroots Holdings.