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Cowgills advise on £5 million investment into Steamforged Games

Cowgills Corporate Finance team has secured a £5m investment for Steamforged Games from  Foresight Group LLP.  In addition to providing the funds, Foresight has also facilitated the appointment to Steamforged of games expert Ian Livingstone CBE who co-founded Games Workshop. Ian Livingstone will join Steamforged as a non-executive Director later this year. Ian will use his extensive industry experience to support the Company’s growth strategy over the coming years.

Steamforged, a developer and retailer of table-top games, was founded in 2014 by Rich Loxam and Mat Hart, both games enthusiasts,  who dedicated their free time to create ‘Guild Ball’, a sports-based miniature, roleplaying game which went on to achieve critical acclaim. Since then, the team has developed a portfolio of games based on both original and licensed IP. Steamforged’s early success led to it winning licences to develop games for several renowned video games titles and in doing so, the Company has succeeded in carving out a distinct niche in a market estimated to be worth c. £2.3 billion

Cowgills tax team also advised Steamforged on the deal. Commenting on the investment secured  Sam Davies, director of Cowgills said: “This investment comes at an exciting time for the table top gaming industry which is rapidly growing. Ian Livingstone, is considered a heavyweight in the industry and his position on the board is a testament to the quality of the business and the management team. We ran a competitive process achieving an excellent result for management, delivered through a carefully planned strategy.”

The company’s first licensed game, based on the hit video game Dark Souls, sold more than 100,000 units globally and more recently the team has developed and released a table-top game based on world-wide sensation Resident Evil 2. Their success to date has seen Steamforged become firmly established as the preferred table-top games partner for the likes of Sony, CapCom and Microsoft.

The investment from Foresight will support new product development, which is the Company’s principal growth driver and a key strength. In the pipeline for the next 24 months are eight additional games that are currently in production or development. The investment will also support the development of retail channels and international growth.

Commenting on the investment, Rich Loxam, CEO of Steamforged said: “Steamforged has grown beyond all expectation over the last 5 years and Foresight’s investment gives us the scope to accelerate the business in the years to come. We look forward to working with Foresight and utilising the investment to drive forward the development and extend the reach of our games.”

Ian Livingstone added: “Steamforged is a great business that I have built up a relationship with over a number of years. I am looking forward to helping grow the next leading, UK-based, table-top gaming business following the well-trodden path of Games Workshop”.

Ben Dawson from Foresight who will also join the Board, commented: “Steamforged has achieved a lot in a short space of time and on limited resources. The team has an excellent track record in creating, developing and launching games, and with a strong product pipeline, combined with our investment, we see very exciting times ahead.”


The information was correct at time of publishing but may now be out of date.

Corporate Finance
Posted by Sam Davies
7th May, 2019
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