Sugar Cap Ltd (Scale Up Your Game and App Revenue) is now well-funded for its next phase of growth to expand the team and deliver its platform to the games world
LONDON, Nov. 3, 2020 /PRNewswire/ -- Today Sugar is announcing the closing of its pre-seed financing round to further develop its platform, which provides marketing capital to studios with positive unit economics to take them to the next level. The company provides quick, fully automated, data-driven finance to help game and app studios scale up, without them having to raise equity finance.
Founded in 2019 the company prides itself on its best in class data science, credit, business development and technology team. Its primary product is SugarBoost, which is a data driven marketing loan to scale up a studio's revenues. In addition, the company also offers SugarFlow, which gives studios early access to their digital revenues and SugarCap, which advances the studios their VGTR credits (video games tax relief, an HMRC rebate similar to R&D credits), which can normally take months to process.
Based on live data analysis, Sugar provides finance to a studio, which is then re-paid over time by the revenues of the game or app in question. Depending on the metrics of the game or app, Sugar's financing levels can be increased as required. This provides game studios and app developers with maximum flexibility and near-instant capital at their most crucial stages.
The financing round was led by Passion Capital and included participation from Velo Partners as well as strategic angel investors, including Victoria van Lennep of Lendable. Malin Posern, Partner at Passion Capital said, "We're thrilled to be partnering with Sugar and working with the team. Flexible, quick and efficient financing for games studios and apps developers makes a lot of sense. There's an opportunity here to make these ecosystems thrive and Sugar will provide the platform to help drive that innovation along with the ambition to become a world-leading financing provider."
Evan Hoff, partner at Velo Capital Partners commented: "We see Sugar fulfilling a crucial role in the European games funding ecosystem, and believe Matt and the team are building leading edge algorithms and processes which will support games developers to scale their businesses in the ultimate win-win proposition."
The primary use of the investment funds will be for key hires and scaling the platform to support even more studios in key markets. Matt Frenchman, Sugar CEO said, "We're so excited to be working with Passion and delighted to have expert fintech investors on board. Like us, Passion sees access to finance as a big problem in the games and apps world. With this round of funding, we can focus on developing our platform, growing the team and ultimately giving studios quick and easy finance to scale up."
The company has provided finance to several UK studios in 2020 and plans to build its platform and business in the UK, before expanding to Scandinavia and the US in coming years.
To learn more about the company and to read more about available roles, please visit https://www.add-sugar.io/
SOURCE Sugar Cap Ltd