French game developer Asobo Studios has sold a minority stake to investment firm Sagard NewGen.
In a post on its website, Asobo said that its 12 founders have sold off part of the developer's capital to the Sagard NewGen Fund, which opened in 2020. No figure has been put on the deal as of yet.
Asobo is best known for its work on the Microsoft Flight Simulator, which has attracted over two million players since its launch in August 2020. The firm also developed A Plague Tale: Innocence, a title that sold one million copies between May 2019 and July 2020.
“The Sagard NewGen team has been really enthusiastic, professional and flexible," Asobo management said.
"Their ability to understand the specifics of our industry and to embrace the studio DNA definitely convinced us. We’re proud to be supported by such a renowned firm, and we are confident this will be a fruitful and virtuous partnership”.
Sagard NewGen management added: “We were won over by what Asobo Studio has built over the last 18 years. We are impressed by the studio tech and creative know-how and potential. We are fully aligned with Asobo Studio business-model, which smartly balances working for first-class industry players and creating original titles. This operation, which allows to incentivise a larger part of the studio staff to the company equity, perfectly fits with Sagard NewGen strategy and we are proud to have the opportunity to support Asobo Studio in the next steps of its development.”