Pengu Studios, a Lund-based startup known for its platform designed to simplify tabletop role-playing games (TTRPG) for both new and experienced players, has filed for bankruptcy, reports Swedish Tech News.
Founded in 2018 by Markku Lorentz, Pengu Studios aimed to enhance the TTRPG experience through its innovative platform. In 2023, the company secured a small investment of € 50.000 (SEK600.000) in funding thru Connect Sverige, I Love Lund, and Destination Dalby. Despite these efforts, Pengu Studios struggled to gain sufficient traction. The company reported net revenue of SEK0.5 million in 2023, managing to break even.
Recently, Pengu Studios announced that its core platform would be free to play, aiming to attract a wider audience. However, this move was not enough to sustain the business.
The post Lund-Based Pengu Studios Declares Bankruptcy Amid Funding Challenges appeared first on Øresund Startups.
