Google Ventures turns attention to Stockholm, backs Resolution Games
The virtual reality gaming studio, cofounded by former King employee Tommy Palm, raised $6 million (£3.8 million) in a funding round led by Google Ventures and Bonnier Growth Media, a Swedish media group with 350 companies and brands across 16 countries.
Resolution Games managed to pull in the investors with the promise of a new virtual reality fishing game and a virtual reality version of Solitaire.
"We focus on VR over a long time horizon with a small and agile team that can create and develop a range of new concepts, producing game content for a growing market of VR equipment," said Palm, who helped to build Candy Crash Saga before becoming CEO of Resolution Games.
"So far, we've developed seven game prototypes, launched our first title, and we are working on the next, which will be a VR game with a fishing theme, due for release in early 2016."
Joe Kraus, general partner at Google Ventures, said: "VR is the next big gaming platform. The pace of development in VR will be very high over the next five years, with mobile VR at the forefront because anyone with a smartphone has the core of a VR experience already in their pocket. Tommy and his team have a proven track record of game development and successful entrepreneurship, and we're excited about what Resolution Games is going to do."
Google's venture capital unit expanded to Europe last year when it launched a $125 million (£82 million) European startup fund.
However, rather interestingly, the investment in Resolution Games was made by the Google Ventures Silicon Valley team. Google Ventures Europe has so far only invested in London startups, which also happens to be the city that the Google Ventures Europe team is based out of.
Google Ventures has over $1.5 billion under management and has backed companies like Uber and DocuSign in the US.