Welcome to EG7's interim report of quarter one. Today, I'm going to say a few words about the quarter and then look into what we see the future of the year looking like. We're going to have a little bit look at the financial development of the quarter and some comments there, then something that many shareholders has been asking us to talk more about, the game pipeline. During the first quarter of 2020, EG7 as a group, had almost 1,000% increase of revenue if you compare to the first quarter of last year. Not only that, but we also have 20 projects in development, both for publishing side and our internal development that we're super excited about. Petrol has over 40 projects in the pipeline for marketing, which the last one was Assassin's Creed Valhalla and Call of Duty: Warzone.
Something that's really important, I think, to talk about is COVID-19, that has affected the world, and we have tried our best here at the company to do what we can to lower the spread just here locally in Sweden by making sure that as long as possible to keep our employees at home, to protect families and to protect our employees. Some effects that we've seen in the business is that we've pushed some of our revenue from Q2 to Q3 as we've chosen to shuffle on some of our launches, and that means that we now have six game titles launching from Sold Out in Q3. One of them, the very much anticipated No Straight Roads. That's not the only thing that's happened in the quarter.
We've also raised SEK 119 million, gotten a new big major shareholder in the Sten Olsson family, and a new board member in Erik Nielsen, who represents the Sten Olsson family. Very renowned investor, we are very happy to have him on board to make the group even better. This also put us in an even stronger position into the future to invest in titles and to invest in our M&A efforts. This is something that we're super excited about, and that is that we've been spending this quarter really merging all of these companies into the group, improving our operations, improving our strategy for the year, and also built out our M&A team.
This means that our M&A team now has already gathered up a bunch of different companies that look very interesting that we're talking to, that we are hoping to get the deal with in the coming year. From me as a biggest shareholder in this company and owner to all of you owners out there, I'm super excited about this year, and I hope you are too. Some key takeaways from the financial statement is that, the first quarter of last year, we had SEK 14.8 million in revenue, and this year's first quarter we had SEK 155.5 million in revenue. That is a 949% increase of revenue. We also had a SEK 12.2 million EBITDA. We had a negative EBIT, and this is due to depreciation.
This is because of our accounting practices. We all have the intention in the future to change our accounting practices, which will affect this number quite dramatically. We also have increased from 81 staff to 191 staff, which is quite a big increase over the year. This means that we are put in an even better position for the future. Let's have a look at the game pipeline. One of the most exciting titles of Q3 is "No Straight Roads" which has won many prizes and an Epic award. We also see "Westmark Manor", which is internally developed by some of the developers at Toadman, which is also a very exciting smaller project. We have "Descenders", "Radical Rabbit Stew", which are published by Sold Out, and we have "Disjunction", "Gestalt", and "KeyWe" coming out in Q3.
As you can see, there is a lot of exciting things coming Q3 from our launches, which we think will be very good for shareholders and a great quarter. Then on "EvilVEvil", which I know many shareholders want to know more about, we have decided to not go out with any more information about the launch until Q4. The reason for this also applies to the reasoning behind some of our other titles like "'83" and "I.G.I." having quite wide launch dates. We have learned from the past, as we have told shareholders, that we do not want to make the mistake again of launching titles that come out in bad timings, and therefore ruining all the potential in the game. We are very careful now with setting the release date to the best possible one.
Even if a game is finished or not, we would choose the best timing for the best results for us and shareholders. Therefore, we will remain silent about exactly when it launches until the moment we are sure. Therefore, we can also see "'83", Project I.G.I. is going to be 2021 to 2022 to have a big window or opportunity to launch. We also have "Minimal Affect" that will come out in 2021. That is a new game we just announced that formerly called Project Anubis. Then we have another unannounced project, Project Hater in the works that we are aiming to launch in 2021 and 2022. "Block N Load 2" is a IP that we know that many gamers are very much looking forward to seeing. That one we also see 2021 and 2022.
Then we have four undisclosed projects from Sold Out that we have not announced yet. I want to thank all shareholders for joining us on this journey. We feel, I feel here at EG7, both very grateful and thankful, also that the journey has just begun. Thank you very much.