Maze Theory 2

Fast growing companies often have capital requirements far exceeding their current revenues, which means that extensive financing may be needed in the early stages of development. This is precisely what FactorTech are on hand to provide. A key sponsor of UMi’s Go Further Investment Index, FactorTech has supported numerous start-ups with its flexible funding solutions. Here, we speak to one client in immersive entertainment company Maze Theory to find out more about its rapid growth journey.

One of the biggest challenges facing fast-growing businesses is getting the right mix of financial support at the right time.  

Access to capital is important when you are looking to innovate, but this has to be balanced against the need to maintain control of the company and avoid equity dilution.  

An equity investment at the wrong time can be just as damaging to a company’s long-term prospects as underinvestment by the existing shareholders.  

The debt markets might be a better place to raise funds for early-stage businesses, though not all lenders will provide credit to companies that don’t yet have customers.  

This is where R&D financing comes in.  

For innovative companies that aren’t ready for traditional lending or equity investment, FactorTech can provide a flexible funding solution.

Their offering can be viewed as a weighing scale – on one side is the capital requirement of the company and on the other is a mix of tax credits, grant funding, receivables, fixed assets, IP and other high-grade receivables that FactorTech secure the loan against.

Immersive entertainment company Maze Theory is one client that has used FactorTech funds to rapidly expand its team.  

Ian Hambleton, CEO of Maze Theory, says: “We lend against Video Games Tax Relief with FactorTech, but you can do it against R&D tax credits and many other things.  

“When you’re small and you’re growing quickly, you can’t really afford to wait until the end of the financial year to put your claim in. So, FactorTech offers the lending support up to that point and then gets repaid.” 

Maze Theory is a games development studio producing narrative-based adventure games featuring well known IPs.  

The first game it made was Doctor Who: The Edge of Time, which is available on PlayStation VR and Oculus Quest.  

Players will also soon be able to step into an epic gangster drama when Maze Theory releases Peaky Blinders: The King’s Ransom later this year.  

For both games, Ian and the team worked with the real actors from the show to create more authentic VR experiences.  

“We’re working with Cilian Murphy and Paul Anderson on the Peaky Blinders game as the details are really important to us,” Ian adds.  

Maze Theory needed finance from FactorTech to support the growth of its team. 

“We’re scaling up quite quickly,” Ian explains. “We were six for the first game, we were 13 when lockdown started and we’re 40 people now. 

"We’ve only got one game in market, so we are burning through investment money and using whatever tax credits we have to accelerate the growth of the business. 

“What’s great about FactorTech is that they offer a very flexible solution that is low-cost to set up and has one of the lowest interest rates. What we operate with them is a facility where we can lend up to a set amount and then pay it back. 

“This will be our second year working with FactorTech and its funding goes across all of our games.” 

Looking ahead, Maze Theory is in talks with a number of even bigger IPs to make more immersive games and is preparing for an equity investment round that could see it double in size in the not-too-distant future.  

At that stage, the company’s capital requirements would be very different and FactorTech will be on the hunt for a new business to support on its growth journey. 

Key takeaways: 

  • Maze Theory is an interactive entertainment company developing games for VR, console, PC and mobile:  
  • The company has received flexible finance from FactorTech for the past 18 months secured against its Video Games Tax Relief 
  • If you’re an innovative company at a cash intensive stage of development, get in touch with the FactorTech team to see how they could help:  

Related campaign: 

The Go Further Investment Index is an opportunity to engage, showcase and celebrate progressive businesses who are pushing through and achieving their aspirations through access to investment, impactful collaborations, and the foresight to inform and respond to the changing world around them.  

It is open to Northern Powerhouse and Scotland-based businesses of all sizes and from all sectors, but we are particularly interested in businesses operating within bio-science, health tech, clean energy, decarbonisation, circular economy, data and digitisation, space and satellite, tech, AI and advanced manufacturing. 

​For more info visit

Richard Dawson
Article by Richard Dawson
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