Arab Today, arab today supercell founders establish investment company
Last Updated : GMT 12:47:33
Arab Today, arab today
Arab Today, arab today

Supercell founders establish investment company

Arab Today, arab today

Arab Today, arab today Supercell founders establish investment company

Helsinki - XINHUA

The founders of Finnish game company Supercell have established an investment company to fund domestic start-ups, Finland's largest daily Helsingin Sanomat reported on Tuesday. The company will initially invest 15 million euros (21 million U.S. dollars), which are provided by more than ten private persons including Supercell's founders, key personnel and others. Ilkka Paananen, the CEO of Supercell, revealed that he alone will provide 5 million euros to the new company. The capital is set to focus on providing seed funding for launching new businesses. According to the Finnish Business Angel Network, private investors invested an average of 49,000 euros in start-ups last year. The capital injections by the Supercell powered investment company could be ten times greater than that amount. The investment fund will be managed by Timo Ahopelto and Petteri Koponen, founders of Lifeline Ventures, a minor Finnish investor in Supercell at its early stage. Supercell is a Finnish game company founded in June 2010 in Helsinki. The company has developed rapidly since 2011 after it started to develop and release several video games. It's revenue surged by over 860 percent from 78 million euros in 2012 to 672 million euros in 2013. The Helsinki-based game company was reported to have sold 51-percent stake to Japanese telecommunication group SoftBank for about 1.5 billion U.S. dollars last year.

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