Insider Media Limited

Legendary Investments has acquired an initial 42.5 per cent equity interest in Birmingham Science Park-based Raw Games. Creative games developer Raw Games' first product is currently under development.

The financial details of the deal were not disclosed.

As part-consideration for the initial interest, Legendary said it will provide management and consultancy services to the start-up company.

Legendary will also be represented on Raw Games' directors' board.

The principals and staff of Raw Games have the opportunity to earn back from Legendary a 22.5 per cent equity interest, said the investor, should the company hit "certain milestones".

In that event, Legendary would retain a 20 per cent share stake. In addition Legendary has an option to further increase its equity interest.

Raw Games was founded in 2010 and based in Birmingham Science Park, Aston. It has been supported by the park's Entrepreneurs for the Future (e4f) programme.

John Tearle, managing director of Raw Games, said: "The mentoring and advice we have received together with the vibrant technology community at Birmingham Science Park Aston has been invaluable and we are delighted to have received our investment to take the business to the next stage."

Raw Games' first product The Spire is currently under development. The teaser trailer release for the product received 230,000 views in its first five days of release.