The studio behind Worms and publisher of The Escapists has received £16.5m in investment.
Develop’s sister site MCV revealed the funds came from Lloyds Development Capital, a division of Lloyds Banking Group, which also takes a minority stake in Team17 and can offer further finance and support in future.
Team17 has already put the money to good use, acquiring UK micro studio Mouldy Toof Studios and its franchise The Escapists. The title is one of the games label’s biggest recent successes, generating just under £14m.
The investment will enable Team17 to speed up its plans to become a more global player, and it has already been looking into further acquisitions.
“This investment allows us to accelerate our plans for growth more easily and without impacting on any areas of the current business,” Team17 CEO Debbie Bestwick told MCV.
“It was not a decision that was taken lightly as we pride ourselves on being independent. LDC is a minority partner and having an investor which is based in the same country is equally important.”
MCV has more details, plus the full interview with Bestwick going live later today.