$75M for Indie Games: The Forgotten City Publisher Plug In Digital Raises Big

According to a press release from Plug In Digital, a privately owned video game firm and distributor, it has raised $75 million to create more games like The Forgotten City.

Bridgepoint Group led the round, which will be used to develop new titles and expand their presence across platforms through multi-platform intellectual property publishing contracts. The cash will also be used to make strategic investments. In 2012, Ingrand launched the business in Paris and subsequently relocated it to Montpellier, France.

“I started with the idea of helping indies and publishers distribute digitally because 10 years ago it wasn’t easy,” Ingrand said. “It was new for them, and they were more specialized in physical distribution.”

We look forward to building on this success, adding new features across the software development lifecycle (SDL), LiveCycle Asset Creation (LiveCAChe), and the Gamespace.

We’ll continue to operate independently in the games industry, expanding our publishing and distribution portfolio while increasing our presence in both the digital and physical markets with worldwide, multi-platform IP.

“We have been following the video games sector closely for a period of time and are impressed by Plug In Digital’s journey to-date,” said Olivier Nemsguern, partner at Bridgepoint Development Capital, in a statement.

“The company is well-positioned and has built a great brand in the publishing space, relying on its committed and skilled leadership team. We look forward to partnering with the company during its next chapter of development.”

Plug In Digital has since evolved into a full-service games distributor and publisher for today’s most popular games on PC, cloud, console, and mobile platforms. The firm’s two publishing labels, Dear Villagers and PID Games, have a long list of distinguished titles across many platforms to delight fans with intriguing, oddball, and daring entertainment.

Ingrand first launched his company in the United States. He said that he was inspired to start a business by reading about Elon Musk’s struggles at Tesla Motors and SpaceX, which went through numerous challenges before becoming successful.

By 2021, Ingrand hoped to be valued at $1 billion. That year, the firm closed on its Series A round of two million euros; it expanded into China in 2018. This was a little round, but Ingrand said he preferred to show the company’s success and go step by step.

“This is our first real funding that will accelerate us on the publishing side,” Ingrand said.

Ingrand, a company that makes space heaters, began to grow in popularity during the pandemic. As a result, the organization decided to seek capital at the start of the year.

“This turned out to be the perfect time to raise more money,” he said. “We can invest in production and M&A.”

The acquisition of Zen Studios by Insignia would help the company expand into game development. Over the last five years, Plug In Digital has seen a 50 percent yearly revenue increase, and it has established itself as a major force in the worldwide games market with its flagship publishing brand Dear Villagers, which has released more than eight cross-platform, cross-gen games since inception in early 2019.

The company’s first big hit, The Room Three, was developed by Fireproof Games and released in 2015. Its most recent game is titled The Forgotten City, which has been praised for its unique, eye-catching design as well as its outstanding narrative and dialogue and has been a great commercial success.

PID Games is a second label under the Plug In Digital umbrella focused on providing publishers with versatile PC, console, and mobile publishing or co-publishing services. Now that the majority of the business is divided between publishing and distribution (50-50).

“Our top priority is Dear Villagers and to strengthen our game, but we will continue to invest in distribution,” he said.

This year, the firm aims to publish 30 games from its international development partners. Other projects in the pipeline include Alba: A Wildlife Adventure and Paper Beast. The business has about 50 workers and is looking to grow.