Altor buys majority stake in game developer Raw Fury

Vendors in the deal include Nordisk Film Games, which provided USD 5.5m in funding for a minority stake in Raw Fury in August 2018.

Following its acquisition by Altor, Raw Fury intends to increase its production capacity and the size of its team, the company said in a statement.

Altor is investing via Altor Fund V, which held a final close in February 2019 on EUR 2.5bn. The fund generally backs Nordic mid-market companies with enterprise values of EUR 100m-250m and revenues of EUR 50m-500m. The fund can also invest selectively in the DACH region and can make minority and distressed debt investments.

Altor's current technology sector portfolio companies include financial process automation firm Palette Software, which the GP acquired from Monterro in June 2021. However, Raw Fury is the firm's first investment in the gaming sub-sector.

The deal is Altor's second to be announced in August 2021; the GP acquired a majority stake in Germany-headquartered activewear brand Oceans Apart earlier this month, also investing via Altor V.

The gaming sector has performed well during the coronavirus pandemic, as reported by Unquote.

Company
Founded in 2015, Raw Fury is a PC and console game developer that focuses on "story-rich" games. Raw Fury has a portfolio of 24 games to date, including Backbone, Kathy Rain and Call Of The Sea. It is headquartered in Stockholm and employs 60 staff.

People
Altor – Mattias Holmström (partner).
Raw Fury – Jónas Antonsson (CEO).

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