EIB boosts development of innovative technologies

The European Investment Bank (EIB) has agreed to support Rovio with a €25m facility to help develop technological innovations in various entertainment sectors.

It is the first transaction under a new generation of joint financial instruments providing support to innovative companies that the European Commission and the EIB Group will formally launch on 12 June.

The EIB financing will be used specifically for the development of Rovio’s innovative platform for mobile games and other entertainment services. Rovio is an entertainment media company that creatively combines digital with physical, breaking the boundaries of traditional content delivery, and is best known for its globally Angry Birds brand.

Herkko Soininen, CFO of Rovio, commented: “We are delighted to work with such an established partner in the financing sector that genuinely understands the fresh way of thinking and growth-oriented attitude Rovio presents.”

Adding his thoughts, Jonathan Taylor, EIB vice-president responsible for the bank’s operations in Finland, said: “Mid-cap companies have a key role to play in competitiveness, job creation, and growth in Europe. However, they often face difficulties accessing appropriate financial resources. The new generation of joint financial instruments aims to fill this market gap in the case of companies that consistently prove to be particularly strong on innovation. Rovio, with its strong focus on development of innovations, is an ideal candidate for this facility.”

Rovio has demonstrated strong growth, with growing revenues and staff numbers, in the past few years; the number of employees has expanded from 200 at the beginning of 2012 to over 800 at the end of 2013. The company has received several innovation awards, including ‘Innovation of Innovations’ 2011 in Finland.