The FINANCIAL — Play Magnus recently raised NOK 452 million through a private placement, consisting of NOK 300 million in new shares and approximately NOK 152 million to existing shareholders. The issue was significantly oversubscribed. “The shareholders have provided the company with NOK 300 million in fresh equity, which will be used for technology development and further growth”, states the company.
“This is a milestone in the company’s history, and we are proud that many strong institutional investors have decided to join the team. Now, we are ready to take the next step for the company, and a listing on Merkur Market will be important for the company’s ability to continue its strong growth”, says co-founder and chairman of the board of Play Magnus Group, Anders Brandt.
“The company’s unique vision is to make chess available to new target groups all over the world. In addition, our model will help many more chess players and coaches to be able to make a living from chess. The company has just started on this journey and I look forward to being part of it going forward,” says Magnus Carlsen.
Play Magnus offers services where everyone can play, watch and learn chess. The group’s services consist of the Play Magnus App Suite, chess24, Chessable and CoChess. In addition, in 2020 the group launched a professional online chess tournament, the Magnus Carlsen Chess Tour.
“The market is growing, and to achieve our ambitious goals, we must continue to invest. In the future, we will invest heavily in technology development and we will not rule out further acquisitions. We will build on the success of the Magnus Carlsen Chess Tour and further develop this to its full potential”, says Andreas Thome, CEO of Play Magnus.