Market for Computer and Video Games (MCV) reports that private equity firm Lloyds Development Capital invested £16.5 million in Worms developer Team17.
The studio has already put its funding into action, acquiring developer Mouldy Tool Studios and its strategy-RPG franchise The Escapists. Team17 helped shepherd The Escapists, as well as a spinoff version based on The Walking Dead, to market in 2015.
Team17 plans to use funding to make further acquisitions, thereby increasing the studio's reach in other countries. "This investment allows us to accelerate our plans for growth more easily and without impacting on any areas of the current business," said Team17 CEO Debbie Bestwick.
Another investment bound to increase Team17's reach: its publishing deal with developer Playtonic Games to distribute Yooka-Laylee, a 3D platform inspired by Banjo-Kazooie, in 2017.
Despite Lloyds Development Capital's lofty investment, the firm will function as a minority partner in Team17, allowing the studio to retain its independence. "LDC shares our vision and understands the importance of people and the way our incubation program and our business models work," Bestwick continued. "I believe it’s fair to say that we have the same common goals about creating successful IP and supporting new and established studios to become sustainable businesses that will become long-term partners with Team17."