Moshi Monsters studio Mind Candy has renegotiated an existing loan, raising $1.5m in new funding that is vital to help the studio stave off bankruptcy.
The $1.5m in funding has been lead by Accel Partners and LocalGlobe, with several existing investors also contributing to the round. In addition to the $1.5m in funding, Mind Candy has also recieved an extension on an $8.1m loan. As part of the extension, they’ll also have to markdown the loan by $2m.
CEO Ian Chambers told Bloomberg the news, and the media outlet clearly stated that it Mind Candy might have been forced into bankruptcy without these renegotiations.
Bloomberg report that the company’s revenue has declined from £47m in the calender year of 2012, to £7m in 2015 after the company struggled to adapt with the shift to mobile. Chambers was appointed Mind Candy’s CEO in February 2016.