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.