Mind Candy receives $1m cash injection
Investment could help lay foundations for studio's turnaround
The studio behind one of Britain's modern success stories, Moshi Monsters, has received a $1 million cash injection to help its ailing fortunes.
Mind Candy's meteoric rise was comparable perhaps only to its precipitous fall when revenue plummeted from £46.9m in 2012, to £7.1m in 2015.
According to the Telegraph, this is the second line of funding for the company in 2017, after having raised $1.5 million from existing investors including Accel and LocalGlobe, plus a £6.5 million loan from Triple-Point.
Arguably too slow when it came to adopting smartphone technology, Mind Candy found itself in dire straits despite its prior success.
However, speaking with GamesIndustry.biz earlier this year CEO Ian Chambers detailed his plans to turn the studio around with Petlandia Adventures and a reinvigoration of the Moshi Monsters brand.
"Businesses go through different cycles," said Chambers. "We now have a clear vision. Two worlds - two IP - that are growing. And the investment was made at the right time to enable us to continue that growth. The debt has been restructured based on our growth plans."