The Quebec government is taking on the role of a venture capital firm with a new investment in a Montreal video game studio.
Investissement Québec, a provincially-owned crown corporation which supports investment in the province, has acquired a $5 million equity stake in Hibernum Créations.
Hibernum develops games for mobile, social and web platforms as well as creating art and assets for AAA publishers. The studio has worked on big-name games in the Assassin’s Creed and Splinter Cell series as well as working on games for companies like Disney and Lego.
The company says the investment will allow it to double it workforce to over 300 people.
“We want to double our workforce in order to enrich our creative power and vision, and drive forward our outstanding results,” Frédérick Faubert, Hibernum’s president said in a release.
That company has already seen rapid growth.
“In the last two years, we have more than tripled our creation and production capacity, and we now have over 155 employees at our Montréal head office,” Faubert said. “We have always sought to showcase the remarkable talent and innovation of our Montreal workforce in our productions. This investment will enable Hibernum Creations to consolidate its position as one of the global leaders in the video game and digital entertainment marketplace.”
The investment was announced at the Montreal International Game Summit, a large games industry conference, by Jacques Daoust, Quebec’s Minister of the Economy, Innovation and Exports.
“Over the last decade, Québec has been one of the best places on the planet to develop world-calibre video games,” Daoust said. “Whether it’s in developing cutting-edge expertise or launching forward-thinking companies, our talent and creativity have put us in a class of our own. This investment speaks to our desire to be a genuine partner and support an innovative Quebec company destined to become a leader in the video game industry.”
Just how big a stake Investissement Québec gets with the $5 million investment was not disclosed.
In addition to hiring, the company said the money will help it develop relationships with intellectual property holders who are looking to have games made based on their toys, movies and comics.