Shareholders praise Xendexâ??s progression through the recession

New PSP Minis firm wins $3.6m VC funding

Fast-growing European mobile and online developer Xendex has been backed with $3.6 million in VC funding.

Investment group Pontis Capital said it was “very pleased” with the progress Xendex has made during the recession, having “exceeded its very ambitious financial objectives”.

The firm, founded in 2001, carries out operations through its offices in the UK, France, Poland, Austria and Bulgaria. The firm has built over 50 mobile and smartphone titles, as well as various online casino titles.

But Xendex has now begun developing PSP Minis and iPhone titles, and recently struck a lucrative licensing deal with Red Bull.

Despite the encouraging progress, Xendez CEO Michael Haberl indicated that the firm has taken tough moves to cope with the global recession.

"The year 2009 has been a year of transition for us”, he said. "We have encountered some of the most challenging market conditions our industry has ever seen. At the same time, we have been implementing significant changes in the company, changes that will make us even stronger going forward from here.”

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