Craig Fletcher, founder of Multiplay – creators of the Insomnia festival – has invested some 3 million Swedish Krona (£256k) into Toadman Interactive, with the funds earmarked for esports hopeful Sky Fighter Legends.
The game was acquired along with developer Artplant earlier in the summer, and while not a core concern for the publisher there is seen to be potential returns behind the four-on-four twin-stick shooter from a competitive perspective.
Fletcher’s investment comes as a directed new share issue, with the Brit picking up 133,334 shares at 22.5 SEK per share, a premium of 2.3 per cent over the closing price on August 17, 2018. A six-month voluntary lock up has also been signed for 100 per cent of Fletcher’s shares, and dilution to existing shareholders comes in at 0.88 per cent.
As a result of the investment, Fletcher will lead the Sky Fighter Legends project, with the goal to increase the team size behind its creation and make more of a push into the esports field.
Fletcher said: "I’ve been following Toadman for a long time and they have impressed me in a number of ways. Their approach to efficient production and value creation through expansion, acquisition and innovation, combined with a talent for great game creation, makes them an impressive team. Through my experience in the gaming industry and esports, I think I can contribute to the business in many ways and an initial step is to explore the possibilities with, among other things, Sky Fighter Legends.
“I look forward to getting to work with Toadman and thank its representatives for the opportunity to be on board.“
CEO of Toadman Interactive, Robin Flodin, said he believes Fletcher to be ‘an incredible asset’, with a long and solid experience in the gaming industry – as well as fine contacts in the esports world. Flodin also waved off the negative aspects of a targeted new issue such as this, with the belief that the pros Fletcher brings to the table far outweighs the cons.
“In addition,” Flodin continued, “Toadman’s Board of Directors decided to take in capital for this first venture, which we consider to be non-core business rather than using capital from the current budget. It’s an exciting model with the focus on Sky Fighter Legends, where we do not rule out that more similar investments can be made if it turns out to be successful.”