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Roman Abramovich Invested $20 Million In Creating Video Games

Roman Abramovich Invested $20 Million In Creating Video Games

Gaming company 110 Industries reported that it received $20 million from Roman Abramovich's investment company Norma Investment, GEM Capital, and film producer Sergei Kornykhin, Vedomosti writes.

The newspaper calls the investment in 110 Industries one of Abramovich's first known investments in the gaming industry.

Most of the amount raised will go to the development of specific games, said Anton Poletaev, co-founder of 110 Industries. According to Kornihin, the primary investment will be directed to the development of the first game "Wanted: dead" in exchange for part of the rights and part of the future revenue from it. The company plans to release this game in 2022, but Poletaev did not disclose its budget. Its development by order of 110 Industries is engaged in a well-known Japanese game Studio, its name Poletaev did not specify.

Anton Poletaev and Sergey Kolobashkin established 110 Industries in 2017. At the start, it received $3 million from the founders, then raised another $1.1 million from private investors, Poletaev said.

According to Kornihin, the company does not create games itself, but works as a production center: it comes up with a script, works out the characters' images, and then hires a third-party Studio for direct development. The strategy of 110 Industries is to attract top foreign studios to create games, Poletaev added. The company plans to release premium single-player games for consoles and streaming game services.

Norma Investments is one of Abramovich's investment companies, through which he, in particular, invested money in Pavel Durov's blockchain project TON.