Remedy Entertainment, the Finnish game developer behind titles like Alan Wake and Control, has secured a €15 million loan through a convertible loan agreement. The loan is expected to be finalized following approval by the board during an Extraordinary General Meeting on October 24. Tero Virtala, CEO of Remedy, stated that the funding will support the company’s long-term strategy.
“Part of Remedy’s long-term strategy has been to strengthen our position in the value chain, to have more control over how our games are commercialized, and to grow our share of the value these games can create,” Virtala said in a press release. He added, “As we move towards self-publishing, this financing will support us in developing and fully realizing the potential of the games we have in development and successfully carrying out the commercial activities of our next self-published games.”
The loan is unsecured and convertible into new Remedy shares under certain conditions. It could potentially amount to a maximum of 811,100 shares, representing about 5.98% of all Remedy shares.
Remedy secures €15m for development
Remedy currently has several games in development, including Control 2 and a Control spin-off game called Project Condor. The studio is also working on other unannounced projects that are in full production.
In related news, the studio posted a financial report showing a 22.2% drop in revenue. Remedy has also been working on a free-to-play multiplayer project codenamed Kestrel. This move marks a significant step for Remedy as they advance towards self-publishing.
The company aims to use the new funding to bring their upcoming projects to fruition and establish a stronger position in the video game industry.
