Armada Interactive raises $3 mln from Initial, Index, PROfounders, Reaktor, others

Armada Interactive said it raise $3 million of seed financing in a deal led by Initial Capital and joined by Index Ventures, PROfounders Capital, Backed, Reaktor Ventures, Sisu Game Ventures, Chris Lee, Reynir Hardarson and Ben Feder. The Helsinki company develops mobile games.


Armada Interactive secures $3 million seed funding to bring revolutionary, next generation gaming to mobile audiences

London, 21 April 2016 — Armada Interactive, a Helsinki-based mobile gaming company focused on bringing revolutionary, next generation games to mobile platforms, today announced the successful completion of its USD 3 million seed financing.

The financing round was led by Initial Capital, which was joined by a stellar cast of leading mobile gaming institutional and angel investors that include Index Ventures, PROfounders Capital, Backed, Reaktor Ventures, Sisu Game Ventures, Chris Lee, Reynir Hardarson and Ben Feder.

Armada Interactive was founded by serial entrepreneur Samuli Syvähuoko, whose career began in 1995 with the founding of Remedy Entertainment. Other founders include Giuliano Cremaschi, Mikko Kinnunen, Juha Matikainen, Tero Teelahti, Didier Pippel and Nick Joore – industry veterans having previously been key members at Crytek, Seriously and BioWare,
among others.

Previously in full stealth mode, Armada Interactive was founded to leverage nascent trends in mobile gaming, including
real-time 3D gameplay and synchronous PvP (player-vs-player). The cornerstone of Armada’s games will always be true innovation, hence, their first project will be based on a new and revolutionary user experience.

This innovative experience is being incorporated into a game with a robust metagame and an engaging intellectual
property (IP). This first game will elevate the mobile gaming experience by focusing on unparalleled visuals, synchronous PvP modes, and easy-to-access but hard-to-master core gameplay. The game’s features will also be ideal for eSports.

The members of the founding team of Armada Interactive have always sought to push beyond the boundaries of game
development. The key founders have been instrumental to the creation of games and services that changed the way mass audiences approach narrative, action and community in interactive entertainment. Among their key projects are Max Payne (Samuli Syvähuoko), Mass Effect 2 and 3 (Mikko Kinnunen), Habbo and Crytek’s Gface and Crysis 2 (Giuliano Cremaschi).

“Our founding team and investor group are comprised of the industry’s leading professionals, who we are fortunate
to have as part of the Armada family.” – said Samuli Syvähuoko, co-founder and CEO of Armada Interactive. “This initial investment allows us to produce and launch a truly astonishing first title. Armada’s first game will be built around AAA visual fidelity, deep gameplay and competitive features. We are creating a game that will appeal to both core and mid-core players.”

“The games being developed by Armada incorporate innovative and revolutionary UX and game play that bring the player
experience to dimensions not previously seen in mobile gaming.” – says Ken Lamb, co-founder and partner at Initial Capital. “We are delighted to be backing a world class team which combines AAA development talent with mobile and freemium expertise.” Ben Holmes, general partner at Index Ventures, added.

The home of Supercell, Finland is one of Europe’s hotbeds for high quality gaming, having built up a reputation over the last two decades as a hub for forward-thinking gaming entertainment, producing many award winning gaming companies over the years that share a culture of knowledge sharing and collaboration.  In 2015, the revenues of Finnish gaming companies exceeded several billion euros.

In this collaborative spirit, Next Games, the Helsinki-based mobile gaming company and developer of the critically
acclaimed The Walking Dead: No Man’s Land,
is also an early investor in Armada. In 2014, Next Games acquired Helsinki GameWorks, Samuli Syvähuoko’s most recent successful mobile gaming startup. Next Games received its equity stake in return for certain IP created and developed by Mr. Syvähuoko at Helsinki
GameWorks. Armada also has the further benefit of seasoned mobile gaming veteran Teemu Huuhtanen, CEO of Next Games, serving on the Armada Board.

About Armada Interactive
Founded in 2015, Armada Interactive is a 20-person strong mobile gaming company based in Helsinki and is set out
to lead the nascent core market with born-mobile AAA, freemium, real-time multiplayer
experiences. Its founding team is comprised of a number of industry veterans from Remedy, Crytek, Seriously and BioWare. The core team has a consistent history of creating top quality, successful games for multiple platforms.

For more information about Armada Interactive, please visit:
About Initial Capital
Initial Capital was founded in 2010 and is a private venture capital fund that invests in seed and early-stage technology
companies focused on digital, Internet, mobile gaming and social media. Founded by a group of experienced investors with significant operating and investment track records, they work closely with the management teams of their portfolio companies to build category-leading
businesses.  Initial Capital led the seed round for industry leading companies such as Supercell, Hutch Games and Nexmo and co-invested in other leading mobile gaming companies, including Space Ape Games, Super Evil Mega Corp and Supersolid.

For more information about Initial Capital, please visit:
About Index Ventures
Index Ventures is an international venture capital firm that backs the best and most ambitious entrepreneurs in
Europe, the US and Israel across all company stages, from seed to venture to growth. These leaders are building truly transformative companies that are reshaping the world around us, including Adyen, BlaBlaCar, Dropbox, Deliveroo, Funding Circle, King, Squarespace,
Sonos, SoundCloud and Supercell – among many others.

For more information about Index Ventures, please visit:
and @indexventures.
About PROfounders Capital
PROfounders Capital are a venture capital fund for entrepreneurs powered by entrepreneurs. Its investors and principals
number some of the best-known players within the digital media space – people who have built some of Europe’s most successful companies.

For more information about PROfounders Capital, please visit:

About Backed
BACKED is a European seed-stage VC fund that is set up to do things differently, backing their portfolio companies
with more than just capital. They back unashamedly ambitious founders, building tech companies that give people greater freedom.

For more information about Backed, please visit:

About Reaktor Ventures
Reaktor Ventures is laser-focused at helping seed stage companies become global leaders. Along with investing venture
capital they take pride in making their 300 professionals available for their portfolio companies at no cost.

For more information about Reaktor Ventures, please visit:

About Sisu Game Ventures
Sisu Game Ventures is an exclusive advisory and investment company focused 100% on games. It was setup in 2014 by
Paul Bragiel, Moaffak Ahmed and Samuli Syvähuoko and it focuses on the best gaming companies in the Nordic region.

About Next Games
Next Games focuses on crafting visually impressive, highly engaging games. Next Games has assembled a veteran
team with a profound love for games and a burning desire to develop lasting global entertainment. The 70-people-strong company is funded by an elite list of investors and headquartered in Helsinki, Finland, at the heart of mobile games development. Next Games
works on both internally developed IP and the world’s top third-party IP. Compass Point: West, Next Games’ debut title launched in March 2015. The Walking Dead: No Man’s Land, the official mobile game of AMC’s hit TV show released in October 2015, is Next
Games’ first 3rd party IP production.

For more information about Next Games, please visit: