Rovio Looking Into An IPO

Posted Mar 18, 2011

Talouselämä is a business magazine in Finland that published information about Angry Birds game development company Rovio. Rovio is planning to go public in New York according to the article. Rovio Chairman Kaj Hed said that the company’s $42 million in funding was a direction that step. Hed is the father of Rovio CEO Mikael Hed.

Kaj Hed is the largest shareholder in Rovio through his Holland based investment company Trema International Holdings BV. “We’re aiming to be as large as Facebook or Google”, said Kaj Hed in the interview. Before the $42 million investment, Trema had over 80% ownership in Rovio. Accel, Atomico, and Felicis Ventures owns around 15% of the company now. During the last 6 months of 2010, Rovio made around 5 million euros in revenue and 3 million euros in profit.