Mobile developer Jam City has announced the largest funding round in the company’s history. The studio attracted $350 million from investors. Jam City has already started spending this money — she bought Ludia, known for games in the Jurassic World universe.
Jurassic World Alive
The company has allocated $165 million for the takeover of Ludia.
Note that this is $10 million less than originally planned.
The fact that Jam City is preparing to buy Ludia became known in May. It was assumed that the company would enter the stock exchange through a merger with the SPAC firm DPCM Capital and spend part of the proceeds on the purchase of developers. But in June, Jam City and DPCM Capital terminated the agreement, and the deal with Ludia was under threat.
Nevertheless, Jam City managed to find funds for the takeover, having received investments from Netmarble, Kabam and Fortress Investment Group. The company will spend the remaining money after the purchase of Ludia on the acquisition of other studios.
“We had a very long-standing relationship with Ludia, as well as with their parent company Fremantle. Both companies were in favor of the deal,” said Chris DeWolfe, CEO of Jam City. “So we all continued to think about buying [after the cancellation of the agreement with the SPAC firm]. Over time, we began to develop a plan for unification again, and this time was definitely not wasted. Now that the deal is fully closed, we can get to work.”
Jam City is a mobile developer and publisher that started working in 2010 under the leadership of the former co—founder of MySpace. The company’s most popular games include projects such as Cookie Jam, Panda Pop, Frozen Adventure and Harry Potter: Hogwarts Mystery.
Ludia is a Montreal—based company that has developed and published Jurassic World Alive, Jurassic World: The Game and a number of other mobile titles.