Over the past decade, Scandinavian gaming startups like King, Supercell, and Rovio have become some of the hottest names in that industry, generating hundreds of millions of dollars (billions in the case of Supercell) in annual revenue and pushing out some of the most popular titles on the market. Based out of Helsinki, new gaming startup Ministry aims to join that club and now has the financing to push them on their way, announcing that they have pulled in 1.8 million Euro in seed funding from a group of investors that includes Index Ventures, Initial Capital, Sunstone Capital, Proxy Ventures, and angel investor Henric Suuronen, who currently works as the Senior Creative Director at King.
This group of investors is no stranger to this market, as Index Ventures has previously backed King (developer of Candy Crush Saga) and Supercell (Clash of Clans, Boom Beach), while Supercell co-founder Aapo Bovellan currently works as managing partner at Proxy Ventures. Initial Capital has also backed Supercell, while Sunstone has invested invested in a handful of gaming companies. For his part, Suuronen has, in addition to co-founding Nonstop Games, which King recently acquired for 100 million, invested in several other gaming companies.
With the news of the deal, Sunstone Capital partner Nikolaj Nyholm says, “the Ministry team has shipped games played by tens of millions of people. We backed them from day one because of their clear passion to create something extraordinary”.
Ministry has not launched their first game, but says that they intend to do so later this year.