SG’s Play Ventures leads $1.5m seed round for Finland-based Reworks

Photo: Reuters

Singapore-based Play Ventures is leading a $1.5-million seed round for Reworks, a game studio from Finland.

The other investors in this round include Big Bets and Business Finland. Play Ventures and Big Bets are gaming-focused VCs, while Business Finland is the Finnish government’s funding agency.

According to a statement, Reworks develops mobile games that can be customised by users. Its first game is Redecor, a free-to-play home décor game, which is currently in soft launch.

“We believe the customisation games segment has room for an innovative and focused newcomer. Glu Mobile has been the category’s lonely rider and we feel it’s time to bring new experiences for players,” said Illka Teppo, CEO and co-founder of Reworks.

Last December, DEALSTREETASIA reported that Play Ventures had raised $22.4 million of its targeted $40-million debut fund. The newly-formed VC targets early-stage startups operating in the games and gaming services space across the world.

According to a Venture Beat report, its investors include MTG, an online games publisher and developer. Play Ventures was also reported to target six to eight investments a year with an average ticket size of about $500,000.

Also Read:

SG-based Play Ventures collects $22m of $40m debut fund targeting gaming startups

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.