EQT Ventures backs Finnish mobile games studio Reworks
EQT Ventures has led a EUR4 million funding round in Helsinki-based mobile games studio Reworks, as well as the official release of its first game Redecor, a home decor game.
Play Ventures and Anton Gauffin, founder and CEO at Huuuge Games also joined the round. The fresh capital will be used to expand and develop Redecor, according to the company.
EQT Ventures partner Lars Jornow joins the board at Reworks, bringing with him experience from King, where he helped create its first Facebook and mobile games including Candy Crush Saga. He also led EQT Ventures' exit of Small Giant Games to Zynga in a deal worth close to USD700 million, which represented EQT Ventures' first exit.
“Bolstered by a strong beta launch, Reworks is a hugely accomplished games studio with a stellar team of passionate game experts, primed to take on this swiftly growing genre of mobile gaming,” said Lars Jörnow, partner and investment advisor at EQT Ventures. “At EQT Ventures, we were inspired by the fantastic UX and brilliant team, who’ve done this all before. It’s a pleasure to invest into trusted pairs of hands that look set to engage players from all over the world.”
Founded in 2018, Reworks is helmed by former Sumoing staff, including CEO & co-founder Ilkka Teppo, who have been creating games and apps together for over seven years.
With the global launch of Redecor, aspiring home designers have access to an interactive version of a home remodelling show in which they are the designer. The game enables players to take part in life-like home decoration challenges and explore their dream home decors.
“We’ve been working at the intersection of creative apps and games for more than a decade,” said Ilkka Teppo, CEO and co-founder of Reworks. “With Redecor, we wanted to fuse a home design app and mobile game, bringing to life a creative hobby platform for all home decor lovers.”
“We believe there’s a huge opportunity in this category and the possibilities are far greater than what’s currently available. By partnering with EQT Ventures and combining the team’s mobile expertise with our own experience, we believe we can take this category to the next level,” added Teppo.