Gigantic Duck raises SEK 10 million in funding

Borås-based game developer Gigantic Duck has raised SEK 10 million in funding for further expansion.

The funds, which were invested by Investment AB Chiffonjén and an investor network, anchored by 2M Invest, will be used to accelerate growth and product development of Gigantic Duck’s game Bombergrounds: Battle Royale.

The game was released in early access in March 2020, and saw 700,000 users in the first few months without any paid marketing efforts.

“We were humbled by the success of our game and quickly realised the potential of the product. It was also then that we realised that we needed to raise capital to do the game justice,” said Alexander Martinovic, Vice President and Co-Founder of Gigantic Duck.

“I am convinced that together with the founders we can achieve something really good. A new industry for us and we usually invest in a later phase. But the early access launch has generated revenue and shown growth potential beyond expectations. Within our network, we have experience and can add expertise for the company’s future growth,” added Magnus Trast, CEO of Investment AB Chiffonjén.

Petter Jacobs, one of Chiffonjén’s co-owners, will take a seat on Gigantic Duck’s board.

2M Invest meanwhile will invest an equal amount, with 2M’s Mikael Haag becoming chairman of the board of Gigantic Duck.

“The founders are two really talented game developers and entrepreneurs who together have laid the foundations for something that could be really big.  Now, hard work awaits from the board and staff to deliver and then launch the game properly. I’m looking forward to this journey,” said Haag.