IWG has advised PlayCanvas Limited on its seed fundraising round, which was led by DC Thomson Ventures, the venture capital arm of the family-owned media group DC Thomson. The transaction closed on 12 November 2014.
DC Thomson Ventures, together with a number of EIS investors, subscribed for shares in PlayCanvas. In addition, the existing convertible loan noteholders, 500 Startups and Cross Border Angels, converted their debt into equity.
PlayCanvas is a London-based tech start-up providing a cloud-hosted game development platform. PlayCanvas was founded in 2011 and is the world’s leading WebGL game engine and tools provider. The company won best European Startup at Startup AddVenture in 2013. It also made the shortlist for the Technical Innovation award at the Develop Awards 2014 and was a finalist at the 2014 SXSW Accelerator.
IWG corporate partner Ben Manners advised PlayCanvas, while Taylor Wessing advised DC Thomson Ventures.
Further information on Ben Manners and IWG’s corporate team can be found on the Meet the Team and the Corporate pages.