Starbreeze tries to raise $26.8m to fund Payday 3 development

Starbreeze tries to raise $26.8m to fund Payday 3 development

Swedish games firm Starbreeze is trying to raise kr250m ($26.8m) to continue development of the upcoming Payday 3.

In a post on its investor relations page, the company says that this is partly because it has taken longer than anticipated to find a publishing partner for Payday 3 owing to travel restrictions in place due to the COVID-19 coronavirus pandemics. Starbreeze had initially planned to have a publisher locked down for the game in the first half of 2020.

Around 70 per cent of the kr250m raised will be used to continue funding Payday 3's development, with the remaining 30-or-so per cent used to reduce Starbreeze's debt bill and other liabilities.

This follows Starbreeze launching another share sale – to the tune of $5m – in February 2020 to help fund Payday 3.

“We see the support from our major shareholders as a vote of confidence in our strategy – to secure attractive publishing agreements – which will benefit all shareholders," CEO and president Mikael Nermark (pictured) said.

"Furthermore, the improved financial position of the Company enables our teams to fully focus on the development of Payday 3. Going forward, our objective remains firm – to continue to deliver phenomenal game experiences to our audience.”

Starbreeze exited reconstruction in December 2019, 12 months after first entering it. The company has valued the Payday IP at a whopping $162.3m and has sold off most of the other publishing rights it has to help reduce its debts.

Italian firm Digital Bros is seemingly trying to take over the company, too, buying $24.1m in Starbreeze in January of this year.

PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for, VGC, Games London, The Observer/Guardian and Esquire UK.