OXFORD, England--(BUSINESS WIRE)--Oxford based independent games studio Red Redemption Ltd, makers of the upcoming PC/Mac climate change game 'Fate of the World' (www.fateoftheworld.net), have successfully completed a £770,000 ($1.2M) rights issue from a network of High Net Worth Angel Investors.
Gobion Rowlands, Chairman of Red Redemption, said, "Raising investment during a recession was challenging, but the support we received from European and American private investment communities has been heartening. Private investors rallied around our 'Fate of the World' game: without their support it would have been impossible for us to develop this unique product." He went on to say, "The videogames market is global, and so it was appropriate that we sought funding on both sides of the Atlantic."
Like many UK enterprises, Red Redemption Ltd were let down by public-private schemes such as the Enterprise Finance Loan Guarantees. "We were underwhelmed by the previous government initiatives in bringing finance to new businesses," said Mr Rowlands.
Red Redemption will achieve returns through spreading risk in the mid-term across multiple products in the social impacts entertainment space, where they are one of the market leaders. The social aspect of the investment provided an additional attraction to investors. Jim Monks, a successful UK-based investor in the company and Director of Decanter Wines and Tweetmeme, said, "I invested as it was clear to me Red Redemption Ltd put the right business case together with a positive social case: that was highly appealing."
Dr Cameron Hepburn, an investor and Oxford University environmental economist and contributor to the Stern Report on the Economics of Climate Change, said: "I'm excited by 'Fate of the World' because I suspect there is enormous untapped potential in the idea of learning by playing."
About Red Redemption
Based in Oxford, England, indie games company Red Redemption makes PC & Mac games that provoke and challenge. http://www.red-redemption.com
About 'Fate of the World'
Fate of the World is a dramatic game that puts our future in your hands. Will you save the world or burn it down? The game features scenarios covering the next 200 years. Fate of the World is released Q3 2010 on PC/Mac. http://www.fateoftheworld.net