Mind Candy gains new loan, avoids bankruptcy

Jade Burke

By Jade Burke

April 18th 2017 at 11:09AM
UPDATED April 18th 2017 at 12:20PM
Mind Candy gains new loan, avoids bankruptcy

The company behind Moshi Monsters secured £1.2 million in funds from existing partners.

Mind Candy, the makers behind Moshi Monsters, has avoided potential bankruptcy, thanks to new funding from investors.

The £1.2 million funds were granted from existing investors thanks to renegotiating the terms of a loan agreement.

Ian Chambers, chief executive of the firm, revealed that LocalGlobe and Accel Partners were behind the funding, alongside other existing partners.

Mind Candy also secured a two-year extension on a £6.5 million loan from TriplePoint Capital, to help avoid bankruptcy.

Sajal Srivastava, chief operating officer at TriplePoint, said in a statement: "We believe the company has the necessary vision, team and intellectual property to deliver on their growth plans,” reports Bloomberg.

Earlier this year Mind Candy revealed it could go bankrupt if it didn’t successfully renegotiate the loan.