Supporting job creation and growth through innovation by medium-sized companies (mid-caps) is one of the priorities of the European Investment Bank (EIB). Consequently, the EIB and Rovio have agreed on a EUR 25 million facility to support Rovio’s technological innovations in various entertainment sectors. This is the first transaction under a new generation of joint financial instruments providing support to innovative companies that the European Commission and the EIB Group will formally launch on 12 June.
The EIB financing will be used specifically for the development of Rovio’s innovative platform for mobile games and other entertainment services. Rovio is an entertainment media company that creatively combines digital with physical, breaking the boundaries of traditional content delivery, and is best known for its globally beloved Angry Birds brand. It has demonstrated strong growth, with growing revenues and staff number in the past few years, the number of employees expanding from 200 at the beginning of 2012 to over 800 at the end of 2013. The company has received several innovation awards, such as the Innovation of Innovations 2011 award in Finland.
Jonathan Taylor, EIB Vice-President responsible for the Bank’s operations in Finland, commented: “Mid-cap companies have a key role to play in competitiveness, job creation and growth in Europe. However, they often face difficulties accessing appropriate financial resources. The new generation of joint financial instruments aims to fill this market gap in the case of companies that consistently prove to be particularly strong on innovation. Rovio, with its strong focus on development of innovations, is an ideal candidate for this facility.”
Herkko Soininen, CFO of Rovio Entertainment Ltd. said: “We are delighted to work with such an established partner in the financing sector that genuinely understands the fresh way of thinking and growth-oriented attitude Rovio presents.”