A Scottish computer games company is set to expand considerably in the near future, having raised investment worth more than £1million.
It is a huge boost to the company, Development Studio Serious Parody, and the local economy in their Dundee home.
The first move from the firm will see a new studio be established, which will allow them to better develop and work through ideas. It will be based in Dundee, and result in at least 18 new members of staff being taken on.
The recruitment process, which will look for animators, artists and programmers, is likely to begin in just a matter of weeks, with new appointments being made over the next few months.
The majority of the cash injection, about £800,000 came by way of private investors. The remaining money, £230,000, was provided through a Regional Selective Assistance Grant.
Many firms across all sectors are looking to expand in Scotland. However, finding the cash to take advantage of the opportunities offered by the economic downturn has proved challenging.
Private investment has helped in some cases, though others have looked at invoice factoring and discounting.
As commercial finance in Scotland has become harder to secure, releasing cashflow tied up in delayed payments is a viable alternative. Often more cost effective too, many business leaders are finding it a preferential agreement within their business model.
With their new finance, Serious Parody will hope to build on the success of their first title, Wrestling Manager, which has received many plaudits from critics and fans since its release.