Setgo eyes social network growth
Liverpool software developer Setgo has secured a funding boost to expand its presence in the burgeoning online ‘virtual goods’ market, worth an estimated $6bn (£3.7bn) worldwide.
The company makes games and technology for social networks, such as Facebook and Hi5. Its first release, known as Castaways, is free to play but allows users to buy add-ons in the form of virtual goods to enhance the game.
Setgo has now received a £50,000 investment from the Merseyside Special Investment Fund (MSIF) through the Northwest Regional Development Agency’s (NWDA) small loans for business scheme.
Managing director Clemens Wangerin said the cash has allowed the business to lever in further funding and target new geographical areas.
“The loan has enabled us to secure additional finance as well as fund the continuing development, marketing and revenue of our existing title,” he said. “We are also looking to penetrate new markets abroad, particularly in South America and Europe.”
Setgo was founded by Wangerin in 2010 alongside creative director Christian Lavoie and technical director Jason Chown. The directors were all formerly part of the executive team at Sony’s development studio in Wavertree and have 50 years’ industry experience between them.
Wangerin added: “Most of the games selling virtual goods, including ours, operate a free-to-play business model. The virtual goods are purchased in micro transactions of £1 to £2 each.
“We closely monitor user behaviour through the Setgo Metrics Browser, our own analytics tool. This is a vital part of developing games for an online audience as the titles are never considered ‘finished’ in the traditional sense of a boxed product and are continually updated and improved.”
Setgo employs six staff and expects to create at least a further ten jobs in the coming years.
MSIF investment manager Chris Walters said: “Clemens and his team have tapped into a new market within the games industry and the product is already doing very well. The games industry in Liverpool is still thriving and it’s great to see small companies like this doing well.”
Liverpool software developer Setgo has secured a funding boost to expand its presence in the burgeoning online ‘virtual goods’ market, worth an estimated $6bn (£3.7bn) worldwide.
The company makes games and technology for social networks, such as Facebook and Hi5.
Its first release, known as Castaways, is free to play but allows users to buy add-ons in the form of virtual goods to enhance the game.
Setgo has now received a £50,000 investment from the Merseyside Special Investment Fund (MSIF) through the Northwest Regional Development Agency’s (NWDA) small loans for business scheme.
Managing director Clemens Wangerin said the cash has allowed the business to lever in further funding and target new geographical areas.
“The loan has enabled us to secure additional finance as well as fund the continuing development, marketing and revenue of our existing title,” he said.
“We are also looking to penetrate new markets abroad, particularly in South America and Europe.
”Setgo was founded by Wangerin in 2010 alongside creative director Christian Lavoie and technical director Jason Chown. The directors were all formerly part of the executive team at Sony’s development studio in Wavertree and have 50 years’ industry experience between them.
Wangerin added: “Most of the games selling virtual goods, including ours, operate a free-to-play business model.
The virtual goods are purchased in micro transactions of £1 to £2 each.
“We closely monitor user behaviour through the Setgo Metrics Browser, our own analytics tool. This is a vital part of developing games for an online audience as the titles are never considered ‘finished’ in the traditional sense of a boxed product and are continually updated and improved.”
Setgo employs six staff and expects to create at least a further ten jobs in the coming years.
MSIF investment manager Chris Walters said:
“Clemens and his team have tapped into a new market within the games industry and the product is already doing very well. The games industry in Liverpool is still thriving and it’s great to see small companies like this doing well.”
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