Sony games spin-out secures ERDF investment
The North West Fund for Digital & Creative, managed by AXM Venture Capital, has made a six-figure equity investment in Setgo, a Liverpool-based developer of analytics software and technology for the computer games industry.
Setgo's Analytics software tracks player behaviour in games, analyses that behaviour and provides games developers with insights that help them optimise engagement, retention and monetisation of their online games.
Setgo was founded in 2010 by Clemens Wangerin, Jason Chown and Christian Lavoie. All three were previously senior directors at Sony Computer Entertainment's Studio Liverpool, where Clemens also held the position of director of PlayStation Network.
The investment from the North West Fund for Digital & Creative, which is part of the £185m North West Fund financed by the European Regional Development Fund and the European Investment Bank, will support Setgo's software development and roll-out to its customers.
Wangerin said: "Digital distribution, games played online and new business models like free-to-play will be the biggest drivers of the games industry.
"Our powerful game-analytics software, which provides real-time insights into player behaviour, is absolutely vital for developers to make the Free-To-Play model a success. Setgo Analytics provides the most flexible solution in this space and is already in use by several of our Tier 1 partners."
Evans, investment manager of AXM Venture Capital, added: "Setgo's management team is one of the best we've seen. They have a deep understanding of the games industry, a great reputation with their customers and partners and, most importantly of all, brilliant technology skills right at the core of the business. This has enabled them to build world-beating software."
Andy Leach, chief executive of North West Business Finance Limited, the not-for-profit company that manages the North West Fund, said: "The Merseyside games sector and the inherent skills base it has developed was always a key factor in our decision to establish a dedicated Digital & Creative sub-fund. The opportunity to support the growth of businesses with outstanding prospects such as Setgo justifies that decision."
Setgo is based in Liverpool's Parliament Street in the emerging Baltic Triangle creative area.
