Virgin Play gets new cash boost

Capital risk management company Axn Capital has announced that it has invested in Spanish publisher Virgin Play.

The investment joins other funds that have come from private investors including the Japanese company Amuse Capital Inc – headed up by former Sega head honcho Hayao Nakayma – and the capital risk fund Spinnaker.

In a related transaction, Virgin Play acquired an equity interest in Spanish developer Enigma Productions, of whom Axon Capital, acquired a stake in 2007.

In a statement Virgin Play said:

‘The funds from Axn Capital will give the extra push necessary for the company to succeed in its ambitious plans of development and expansion of new game concepts and their subsequent international distribution taking advantage of the demands of a continuingly growing industry and the new opportunities and company valuations that arise as a result.’

Chairman of Axn Capital Francisco Velzquez de Cullar added:

We continue to bet on the digital Entertainment sector with Virgin Play and at the same time exploit the synergies created with our participation in Enigma. We believe that Virgin PLAY has great potential and that it comes with a solid infrastructure to take advantage of the growing tendencies of the market and consequently, achieve the consolidation that we’re expecting the sector to produce”.

Virgin Play president Tim Chaney commented: The Axon Capital investment comes at a pivotal point in our fast-track evolution from Iberian territory distributor to worldwide videogame publisher. It provides a fifth acceleration gear both in terms of short -term funding and strategic contribution from key individuals with acute knowledge and track records of building businesses in the media sector and beyond”.

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