Helsinki-based mobile game developer Nitro Games has announced that it has received approval for funding from Business Finland to support its business development project. The funding of approximately 1.5M EUR is a maximum of 50% of the approved total costs for the project, which is estimated to be 3,056,278 EUR. The project is expected to be completed between 1.2.2023 and 30.6.2025.
A Boost for Nitro Games’ Strategy
Nitro Games’ business development project is closely aligned with its strategy for further developing its game portfolio. The company is seeking new ways of bringing mobile games to market with reduced time-to-market. The funding from Business Finland will be in the form of a soft loan, with 30% of the approved funding available at the beginning of the project.
Favorable Terms for Nitro Games
Nitro Games has secured favorable terms for the loan from Business Finland. The interest rate is 3% below the base rate determined by the Ministry of Finance, but always at least 1%, and the term is 7 years, with the first 3 years being an instalment-free period. Should the project fail, Business Finland may choose not to demand the entire loan to be repaid, with a maximum amount of 853,000 EUR not recoverable.
Business Finland’s Role in Supporting Global Growth
Business Finland is a government agency that supports and funds innovation and helps businesses go global. It was created in 2018 through the merger of two organizations: Finpro, which offered internationalization, investments, and tourism promotion services, and Tekes, which provided funding for innovation activities. Business Finland aims to make Finland the most attractive and competitive innovation environment for companies to grow and succeed.
Conclusion
Nitro Games’ funding from Business Finland is a significant boost to its business development project and aligns with its strategy of bringing mobile games to market faster. The favorable terms of the loan and Business Finland’s role in supporting global growth in Finland make this a positive development for both Nitro Games and the country’s innovation ecosystem.
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