Partner Article

Newcastle gaming firm to create jobs following investment

Newcastle games technology outfit Clockwork Chilli Ltd says it will create jobs and grow revenue following an undisclosed investment from the Finance for Business North East Angel Fund.

The investment will go towards growing Clockwork Chilli’s business, which is based around its ‘WADE’ games engine - used by over 600 developers to make interactive games.

WADE is freely available to developers but generates revenue through paid premium features. Clockwork Chilli are also using the system to create their own games for social media with opportunities for in-game purchases.

Clockwork Chilli managing director, Giordano Ferdinandi, said: “There has been an explosion in the popularity of online gaming in recent years and modern web technologies and standards are making it possible for interactive games to be developed across a wide range of different platforms.

“Our WADE system is already used by over 600 developers and as the popularity of the technology continues to increase, so do the opportunities to create a range of revenue streams from it.

“We think there is a huge market for games which lie between simple games like Flappy Bird and more complex high-end games like Assassin’s Creed and WADE is ideally placed to exploit that market.

“This investment from the Finance for Business North East Angel Fund will make a big difference in our ability to grow the business and is also a valuable endorsement of our vision for Clockwork Chilli’s development.”

The investment is the 50th from the Finance for Business North East Angel Fund, managed by Rivers Capital Partners, and was advised by law firm Ward Hadaway.

Michael Dickens, investment manager at Rivers Capital Partners, said: “This investment represents a real milestone in the life of the Finance for Business North East Angel Fund.

“In many respects, Clockwork Chilli typifies the kind of company which the Fund was established to help – an ambitious, forward-thinking young business looking for early stage funding to help it develop and grow.

“Giordano and the team at Clockwork Chilli have developed a product which is already highly popular in a market which is experiencing exponential growth so hopefully this investment will enable them to take things further.”

Richard Butts, corporate partner at Ward Hadaway, provided legal advice to Rivers Capital Partners on the investment in Clockwork Chilli.

Richard said: “It is very pleasing to have assisted Rivers Capital Partners on this, the 50th investment from the Finance for Business North East Angel Fund..

“Having advised on many of the previous investments from the Fund, we were able to use that experience to ensure that the investment in Clockwork Chilli Ltd progressed smoothly.

“Online gaming is a clear growth area in the technology sector and the increasing crossover between games playing and social media will hopefully give Clockwork Chilli plenty of potential to expand.”

Ward Hadaway has previously advised Rivers Capital Partners on over 30 investments from the Finance for Business North East Angel Fund.

The Finance for Business North East Angel Fund invests in start-ups and existing businesses with growth potential in the region.

It forms part of the £125 million Finance for Business North East investment fund established to provide debt and equity funding to SMEs based in North East England.

This was posted in Bdaily's Members' News section by Tom Keighley .