The funds raised will be used to accelerate Codemasters’ game development, particularly across next-generation platforms. It will also target new distribution formats such as mobile and MMO products and will continue its expansion into new international territories.
Having looked at various options to generate funding, Codemasters’ chairman and CEO David Darling (pictured above left with father Jim) is pleased with the new deal with Benchmark Capital, particularly given the VC outfit’s success to date with other technology and entertainment companies such as eBay and Fox Kids Europe.
“The Benchmark team’s strategy and experience fits perfectly with what we want to achieve moving forward,” he told MCV.
He added that a flotation in the future has not been ruled out: “We are still looking at an IPO in the next couple of years.”
With his company Lodestar Partners having advised Codemasters on the deal with Benchmark, Nicholas Lovell commented: “This is great news for Codemasters - and great news for Britsoft.”