Online games developer Monumental Games has raised £2 million from the government’s Capital for Enterprise (CfE) fund.

Online games developer Monumental Games has raised £2 million from the government’s Capital for Enterprise (CfE) fund.

The money was invested by venture capitalist Maven Capital Partners on CfE’s behalf and will be used to develop Monumental’s technology, which is used to create ‘massively multiplayer’ web-based games.

Andrew Ferguson, a partner at Maven, says Monumental Games has built its business from start-up to sales of £6 million in less than five years, with no third-party equity or debt funding to date.

Monumental CEO and co-founder Rik Alexander comments, ‘We will use this
capital to develop our technology to better serve our teams, and to develop our teams to better serve our publishing partners.’

Advisors to the deal included law firms DLA Piper and Rosenblatts Solicitors as well as due diligence specialists PKF, Calash and Oxygen Insurance Brokers.