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Nordisk Film invests $4.5 million into Finnish mobile studio Nitro Games

Nordisk Film has invested SEK 45 million ($4.5 million) into Finnish mobile studio Nitro Games to become the company’s largest shareholder. 

The Nordic investor and Nitro agreed on a funding package consisting of a directed new issue of 3.33 million shares as a price of SEK 7.5 ($0.75) per share, which is expected to raise SEK 25 million ($2.5 million) before issue costs, an a convertible loan agreement worth SEK 20 million ($2 million). 

Nitro will use the cash to develop expand its portfolio of shooters, which includes competitive 3v3 hero shooter Heroes of Warland and casual co-op shooter Lootland

“We are proud to welcome Nordisk Film Games to join Nitro Games as a leading shareholder. They support our vision of Nitro Games becoming a household name in the category of shooter games on mobile,” said Nitro co-founder and CEO, Jussi Tähtinen, in a statement.

“This funding package strengthens our abilities in successfully executing our strategy and building shareholder value. I am looking forward to a successful long-term partnership.”

The deal is the latest in a long line of investments and acquisitions for Nordisk Film, which over the past few years has sunk cash into indie studio Raw Fury and Swedish studio Star Sable, while also acquiring Just Cause dev Avalanche Studios for around $103.7 million.