Jagex receives growth investment from new investors
Online games publisher Jagex Limited – Business Weekly’s reigning Private Company of the Year – has received significant new investment from Insight Venture Partners, Spectrum Equity Investors and The Raine Group.
The investment – amount unspecified – will enable Jagex to accelerate growth of its development and publishing capabilities in support of continued enhancement of the studio’s portfolio of award-winning games.“Insight has been part of the Jagex family for a number of years and it has been a real pleasure to serve alongside them on the Jagex board,” said Mark Gerhard, CEO of Jagex, who will continue to lead the company following the investment.“Both Spectrum and Raine bring a wealth of expertise and it gives me great delight to be able to welcome them to the Jagex team. It’s a great privilege to serve alongside such esteemed individuals and their wider organisations. “This investment will hugely benefit both the Jagex team and our loyal community and I’m confident that Jagex will continue to go from strength to strength. I fully expect that the collective experience of the shareholder base will be highly advantageous as we embark on our next chapter of growth.”Jagex is the UK’s largest independent games developer and publisher, with dedicated user base of millions playing Jagex’s games worldwide. The company’s flagship game, RuneScape, holds numerous Guinness World Records, including that of the world’s most popular free-to-play massively multi-player online game (MMOG). In addition to Jagex’s in-house development, the company also acts as a third party publisher for developers of great content. Jagex recently published its first third party title, War of Legends, and the company intends to release numerous third party games throughout the next 12 months.“Jagex has long held a leadership position in bringing to market innovative, entertaining and sophisticated online games”, said Jeff Horing, managing director at Insight Venture Partners. “Jagex’s team has been developing several new games in the same tradition; our new investment will help accelerate their successful launch.”Brandon Gardner, a Partner at Raine, added: “Jagex is the standout player in one of the most attractive and fastest growing segments of the games industry. “We are excited with both the near- and long-term growth opportunities at the company, and look forward to working with Jagex’s founders and management team to continue to develop their industry-leading MMOG platform.”As part of the investment, Chris Mitchell and Jim Quagliaroli of Spectrum Equity, and Brandon Gardner and John Salter of Raine, will join Jagex’s board of Directors. Mark Gerhard, along with Jeff Horing and Alex Crisses from Insight Venture Partners, will continue to serve as directors of the company.• PHOTOGRAPH SHOWS: Mark Gerhard, CEO of Jagex