The European Investment Bank (EIB) announced that it grants €25 million loan to Rovio as part of “new generation of joint financial instruments providing support to innovative startups”. The EIB financing is the first of its kind and will be used for the development of Finland-based company’s mobile game and entertainment services.
Aiming to support creation and growth of innovative European startups, EIB says the loan is given to boost Rovio’s technological innovations in various entertainment sectors. The transaction marks the beginning of new set of joint financial transactions that will formally launch on 12 June.
In a press release, EIB praised Angry Birds-maker’s growth who has expanded the number of employees from 200 in early 2012 to 2013 by the end of 2013. The organization is expected to announce further loan transactions for European tech companies right after the official launch of the new loan packages.
Jonathan Taylor, EIB Vice-President responsible for the Bank’s operations in Finland, said that it is the mid-cap companies with a key role in competitiveness, job creation and growth in Europe. Having difficulties in accessing venture capital and other financial resources in Europe, tech companies often looks elsewhere to grow. EIP says this new generation of joint financial instruments aims to fill this market gap.