Jagex secures investment as VC executives join board

Cambridge-based publisher Jagex has revealed that it has accepted a round of new funding from investors, with first-time partners Spectrum Equity and The Raine Group joining returning investor Insight Venture Partners.

The amount of funding has not been disclosed, but Jagex plans to utilise it to "accelerate growth of its development and publishing capabilities in support of continued enhancement of the Studio's portfolio of award-winning games".

"Insight has been part of the Jagex family for a number of years and it has been a real pleasure to serve alongside them on the Jagex board", said Mark Gerhard, CEO of Jagex.

"Both Spectrum and Raine bring a wealth of expertise and it gives me great delight to be able to welcome them to the Jagex team. It's a great privilege to serve alongside such esteemed individuals and their wider organizations. This investment will hugely benefit both the Jagex team and our loyal community and I'm confident that Jagex will continue to go from strength to strength. I fully expect that the collective experience of the shareholder base will be highly advantageous as we embark on our next chapter of growth."

"Jagex has long held a leadership position in bringing to market innovative, entertaining and sophisticated online games", said Jeff Horing, managing director of Insight Venture Partners. "Jagex's team has been developing several new games in the same tradition; our new investment will help accelerate their successful launch."

Chris Mitchell and Jim Quagliaroli of Spectrum Equity, and Brandon Gardner and John Salter of The Raine Group will be joining Jagex's board, with Mark Gerhard continuing as CEO.

Jagex is the UK's largest independent publisher, and is best known for its online title Runescape, the world's largest free-to-play MMO.