Team17, a Wakefield and Nottingham, UK-based games developer and publisher, has secured a £16.5m investment from mid-market private equity firm LDC.
In conjunction with the transaction, John Garner and Dale Alderson will join Team17’s board as non-executive directors.
The company intends to use the funds to expand its existing games portfolio through a number of planned new releases, develop its publication model, and support its growth overseas.
Founded in 1991 and led by CEO Debbie Bestwick MBE and finance director Paul Bray, Team17 creates and sells a range of titles worldwide through major digital distributors such as Sony, Microsoft, Steam, Apple and Google.
Best known for the popular Worms franchise, the company also works with third party developers to bring their products to market, such as the Yooka-Laylee game from Playtonic.
As part of the transaction, Team17 has also acquired Mouldy Toof Studios, the developer behind the prison break game The Escapists.