Game entrepreneurs behind AR platform Pazzing hit targets during investor hunt
The gaming company Pazzing has brought Martin Kværnstuen- formerly CFO of Kahoot- into the ownership side in a funding round totalling NOK 3 million.
Pazzing develops a gaming platform that combines augmented reality (AR) social experiences and game puzzles (AR) related to geographic locations. In the past, the founders have received government grants from, among other things, the Research Council to develop a prototype of the gaming platform.
"We are very pleased to have created a successful prototype of Pazzing, which has been well received by beta players, which has resulted in very competent and engaging investors joining our development further," says co-founder and general manager Martin Mathisen.
"The next step is to recruit new talented employees for the team who share our vision of creating social and engaging gaming experiences," he says.
Getting Cahoot Millions
In the app, mobile players work together to solve a series of tasks presented in AR, much like a "digital rebus race." Players can also put together their own puzzles, then share their gaming experiences with friends, family and other Pazzing players.
Martin Kværnstuen quit his job as head of finance at Kahoot this summer, after six years.
At the same time, he sold shares for over 260 million, which he would spend on finding and creating new companies.
One million of the winnings he is now betting on Pazzing.
"They have created a thoughtful game concept that contains many of the elements that I think are required to succeed. It will be interesting to assist the company both financially and hopefully with some good advice in the years to come," says Kværnstuen.
He gets company from Norinnova and a less collective Norwegian angel investors in the round.
In addition to private investor capital, Pazzing receives NOK 125,000 from the Nordnorsk Film Centre and NOK 400,000 from Innovation Norway to further develop the AR platform.
Inspired by Norwegian successes
The game entrepreneurs, based in Tromsø, believe that the development of the game in Norway in no way puts an end to the global ambitions of the game project.
–Norwegian successes such as Kahoot, Wordfeud and the game studio Dirtybit that has created the FunRungames have been a great inspiration to us. Our goal, of course, is to follow these examples in the long term by taking our own game project into the world," says Mathisen.
Furthermore, the entrepreneurs point out that there is still a long road to international success, but are delighted that the team is constantly reaching new milestones.
"We are humbled and proud to have knowledgeable investors in place, and our next focus will be to find more talented and initiative-rich employees who will both thrive in our team and who are passionate about taking part in the development of the exciting gaming project," mathisen concludes.