Mind Candy gains new loan, avoids bankruptcy

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.

About Robert Hutchins

Robert Hutchins is the editor of ToyNews and its sister title, Licensing.biz. He has worked his way from Staff Writer to Editor across the two titles, having spent almost eight years with both and what now seems like a lifetime surrounded by toys. You can contact him by emailing robert.hutchins@bizmedia.co.uk or calling him on 0203 143 8780 You can even follow him on Twitter @RobGHutchins if ranting is your thing...

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