Icelandic developer Plain Vanilla, the studio behind popular trivia game, QuizUp, is set to receive up to $7.5 million in promissory funding from Glu Mobile.
Glu’s promissory investment – that is, a cash sum that isn’t immediately payable – is convertible into a minority equity stake in the Reykjavik-based studio.
As part of the deal, Glu CEO Niccolo de Masi will join QuizUp’s board of directors, while Glu has also inserted a call option that allows it to acquire Plain Vanilla further down the line for a pre-agreed price.
De Masi plans to use his own knowledge and Glu’s resources to drive “effective and sustainable monetization” and promote QuizUp by making the most of any cross-selling opportunities.
The deal comes just three months after NBC and Plain Vanilla agreed to work together to develop a 10 episode season of a live game-show based on the hit game.
The proposed show, “QuizUp America”, will allegedly pit contestants in the studio against those playing on their mobile devices at home, and it’s clear de Masi is keen to explore the opportunities that deal presents.
“We are excited that Plain Vanilla is in development with NBC around what we expect will be an innovative new game show,” said the Glu CEO.
“If our partnership proves out and QuizUp revenues scale, Glu will evaluate whether to exercise its call option to acquire the business.”
Before Glu stepped in with new funds, Plain Vanilla had previously raised $27 million in venture capital.
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2016