British free-to-play mobile studio Hutch has raised $5.5m of investment, the company confirmed today. The investment was co-led by Index Ventures and Backed VC and comes just after the release of Hutch's licensed Mattel title, Hot Wheels: Race Off.
Since it launched last Christmas, Hot Wheels: Race Off has attracted over 14m players worldwide, and Hutch's CEO Shaun Rutland said he hopes the studio will be able to use the new funding to help further its success in the racing game genre.
“We founded Hutch on a long term vision that racing on mobile devices had enormous category potential," Rutland said in a statement. "We built our studio on a thesis that we could dominate the sector, by bringing new, refreshing and compelling entertainment to the genre.
"We’re now firing on all-cylinders, with incredible talent, technology and IP. This investment is testimony to that and will allow us to accelerate our ambitions, whilst also creating a company with strong values and a culture that empowers our people to create leading-edge mobile games. We are delighted to have found partners that share our vision in Index Ventures and Backed VC, and we look forward to working together.”
Backed VC’s Alex Brunicki said: "What really sets Hutch apart in our eyes is their unrivalled expertise in motorsports, an area of huge potential in mobile that is yet to be won, and their incredible company culture, which was as important a factor to us as their capabilities on the game development side. The culture that Shaun and the team have cultivated over the past few years is unique and an amazing draw for the best talent in London."
Ben Holmes from Index Ventures added: "Hutch has made consistently high quality games over a number years. With this investment we are confident the company can become one of the leading developers of mobile games. The key to their success is that they are not just another mobile games developer, their passion for motorsports paired with their unique forward thinking culture, creates a special environment where pioneering mobile games are created".