VC fundraising for gaming companies
Gaming venture ran hot through 2021 and 2022 on web3 and live-service narratives, then corrected as mobile UA economics tightened and free-to-play studios faced longer paths to profitability. The bar has shifted to studios with shipped titles, proven live-ops cadence and defensible IP - the criteria publishers themselves apply when they invest.
The capital pool in gaming is concentrated and specific. Dedicated gaming funds like BITKRAFT, Andreessen Games (a16z's gaming practice), Konvoy, Griffin Gaming Partners, Makers Fund and Play Ventures sit alongside the strategic venture arms - Tencent Investments, Sony Innovation Fund, Krafton, and the corp dev teams at Take-Two, Embracer and Microsoft Gaming that occasionally invest before acquiring. Flow has direct relationships across the specialist fund set and the strategic arms that co-invest with them.
Flow has experience running VC fundraising processes for gaming companies across mobile free-to-play studios, PC and console developers, live-service operators, casual and hyper-casual publishers and gaming platforms and tools. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Gaming" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
DAU
MAU
Paying user share
ARPDAU
ARPPU
D1 / D7 / D30 retention
Session length
Live-ops revenue share
UA cost per install
Paying-player LTV
Platform fee leakage
Title concentration
Gaming valuations in May 2026
Public gaming comps trade at 2.1x EV/Revenue. Median revenue multiple across gaming VC rounds was 11x in the last 12 months.
2.1x
Median EV/Revenue as of May 2026 for public gaming companies
11x
Microsoft is the highest valued public gaming company based on EV/Revenue (excluding outliers)
2.1x
Median EV/Revenue across gaming M&A deals in the last 12 months
11x
Median EV/Revenue across gaming VC rounds in the last 12 months
Key recent gaming VC rounds
$70M Series B raised by Grand Games was the largest gaming VC round completed in the last six months.
See all gaming VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
May-26 | Grand Games |  | Grand Games is a mobile gaming studio developing titles in strategy, simulation, and multiplayer genres. Headquartered in Tel Aviv, Israel, the company releases games like Hero Wars and Infinity Kingdom, which have garnered millions of downloads worldwide. Its development team emphasizes cross-platform compatibility for iOS and Android, partnering with global publishers to distribute free-to-play experiences with in-app purchases. | Balderton CapitalBek Ventures+2 | $70M | - | Series B | |
Feb-26 | A | Ares Interactive |  | Ares Interactive is a game development studio founded in 2024 by entertainment industry veterans, specializing in game development, publishing, and live operations to create engaging player experiences. | General CatalystNiccolo de Masi | $70M | - | Series A |
May-26 | Astrocade | | Astrocade is a game creation platform powered by AI tools that accelerate development for creators. San Francisco-based, it allows users to generate assets, levels, and mechanics from text prompts, supporting Unity integration for PC, mobile, and web games. | Chaac VenturesConviction Embed+6 | $56M | - | Series B | |
May-26 | G | GreaterThan Group | | GreaterThan Group incubates and runs video game studios worldwide. The company develops and publishes game titles while investing in anime and gaming IP for commercialization. | - | $40M | - | Undisclosed stage |
Apr-26 | Reforged Studios |  | Reforged Studios publishes independent video games with expansion potential. The firm acquires titles in strategy and RPG genres for console and PC distribution. Headquartered in Austin, Texas, Reforged partners with developers to enhance games like Age of Darkness: Final Stand. | MEP Capital | $30M | - | Undisclosed stage | |
Mar-26 | Sett |  | Sett is an AI platform designed for mobile game studios to optimize ad creatives and accelerate user acquisition. San Francisco-headquartered Sett employs generative AI to test thousands of creative variations, identifying top performers that boost install rates by up to 30 percent. The company serves developers like Zynga and Supercell, analyzing video ads, screenshots, and landing pages across platforms including App Store and Google Play. Sett's dashboard integrates with Unity and ironSource, providing real-time A/B testing and performance predictions based on 10 billion historical impressions. Founded in 2023, Sett has helped games such as Clash Royale variants achieve 5 million downloads in their first quarter post-optimization. | Bessemer Venture PartnersBarak Rabinowitz+2 | $30M | - | Series B | |
Jan-26 | Nature Select | - | 5Y CapitalAlibaba Group+4 | $30M | - | Undisclosed stage | ||
Jan-26 | Z League | | Z League is a skill-based gaming tournament platform open to players of all levels. Headquartered in San Francisco, it hosts daily competitions with cash prizes across mobile titles like PUBG Mobile and Call of Duty, attracting millions of participants. zleague.gg expands into Web3 integrations and community events. | - | $21M | - | Undisclosed stage | |
Nov-25 | Fifth Door | | Fifth Door is a game development platform that converts single-player titles into online multiplayer experiences within minutes. Developers use its tools for seamless backend integration, matchmaking, and cross-platform deployment. | Aydin SenkutDaft Capital+3 | $20M | - | Seed | |
Jan-26 | Liquidnitro Games |  | Liquidnitro Games is an artificial intelligence platform delivering live-service games with dynamic gameplay, procedural generation, and multiplayer features optimized for mobile and web browsers. | Nexus Venture PartnersNorthpoint Capital | $19M | - | Series A | |
May-26 | WishRoll | | WishRoll operates as the parent entity of Status AI, a platform hosting interactive fanfiction roleplay games. Users portray characters from anime villains to original creations, crafting storylines through posts that attract followers or rivals amid scenarios of chaos, fame, or drama. The AI-driven system ensures characters retain full memory of user interactions across sessions. Launched via statusai.com, it emphasizes persistent narratives in gaming communities. | AbstractGeneral Catalyst+3 | $17M | - | Series A | |
Dec-25 | Fictions | | Fictions is a game studio creating titles for PC and consoles. | - | $17M | - | Undisclosed stage | |
May-26 | Mother Games | | Mother Games is a New York-headquartered art and media studio producing interactive installations and games that merge physical play with digital narratives. Founded in 2018, it creates site-specific experiences for museums like MoMA PS1 and festivals such as SXSW, using technologies including VR and motion sensors. Notable projects include 'Echoes of Play,' a collaborative exhibit with 20 participants exploring memory through augmented reality. The studio collaborates with artists from Asia and Europe, focusing on themes of human connection in urban environments. | BoxGroupGV+2 | $15M | - | Seed | |
Apr-26 |  | GGWP | | GGWP is a gaming moderation tool that detects and mitigates toxic behavior in online multiplayer games. The platform uses AI to analyze chat and voice for harassment, providing real-time interventions and reports. GGWP integrates with Discord and game clients to foster positive communities. | Headline AsiaKorea Investment Partners+1 | $15M | - | Series A |
May-26 | Makera |  | Makera is a studio crafting immersive multiplayer games powered by generative AI and user-created content. | Beijing Artificial Intelligence Industry Investment FundCAS Star+4 | $15M | - | Series A |
VC investors active in gaming
BITKRAFT Ventures is the most active VC investor across gaming, having invested in 32 startups in the last three years.
See all gaming VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
BITKRAFT Ventures | | BITKRAFT Ventures is a Berlin-headquartered venture capital firm specializing in interactive entertainment investments across video games, AI, web3, and immersive technologies. Founded in 2017, it maintains offices in Los Angeles, San Francisco, New York, London, Madrid, Singapore, Barcelona, Chicago, and Lisbon to source deals globally. The firm has backed companies like Niantic, PlayStation Studios acquisitions, and Epic Games competitors, managing a portfolio exceeding 100 startups. BITKRAFT focuses on seed to Series B rounds in gaming infrastructure and metaverse projects. | AiroclipAppchargeQloud Games+2 | 32 | Seed | |
Animoca Brands |  | Hong Kong-based Animoca Brands is a blockchain gaming and metaverse investor developing NFT-integrated mobile games and virtual worlds. The portfolio includes titles like The Sandbox and collaborations with brands such as Formula 1 and Disney. Founded in 2014, it operates subsidiaries in Australia and Japan, driving Web3 adoption through play-to-earn models. | WizzwoodsKapkapShards+2 | 29 | Seed | |
Andreesen Horowitz | | Andreesen Horowitz operates A16Z Games Speedrun, an early-stage accelerator for startups blending technology and gaming. Menlo Park-headquartered, the program targets developers innovating in cloud gaming, AI-driven experiences, blockchain integration, and interactive entertainment platforms. Speedrun provides $1 million in funding, studio resources, and partnerships with Epic Games and Unity, accelerating prototypes to market for founders reshaping the $200 billion gaming industry. | Antihero StudiosOasizAxis+2 | 23 | Seed | |
Exel by Merak | | Exel by Merak is a gaming accelerator that supports entrepreneurs and organizations with tailored programs, project development, and strategic consulting. Based in Montreal, Canada, it operates under Merak Games, focusing on mobile and PC titles. The platform connects participants to industry mentors, funding opportunities, and distribution networks in North America and Europe. Exel by Merak runs cohort-based initiatives like its annual accelerator, which has backed over 20 studios since 2020, emphasizing hyper-casual and mid-core genres. | CakebyteAstraValleDaFluffs Games+2 | 16 | Pre-seed | |
Play Ventures |  | Play Ventures is a Singapore-based venture capital fund investing in game studios and interactive entertainment startups globally since 2018. It has deployed $25 million across 30 companies in Southeast Asia, India, and Latin America, including hits like Mobile Legends developers. The firm provides studio acceleration programs and connects founders to publishers like Tencent. | Cheer GamesCypher GamesAppcharge+2 | 15 | Seed | |
Sfermion | | - | Football.FunSlingshot DAOFrodoBots Lab+2 | 15 | Seed | |
Beam |  | Beam is a SaaS platform provider enabling brands to build customized online communities. It includes gamification tools like leaderboards, badges, points systems, and user challenges to boost engagement. Brands such as Notion and Figma use Beam to host forums, events, and member directories. Headquartered in San Francisco, the company launched in 2022 and integrates with Slack, Discord, and Zapier for seamless workflows. | Cold River GamesKOKODIOxalis games+2 | 15 | Seed | |
Andreessen Horowitz | | Andreessen Horowitz is a Menlo Park-headquartered venture capital firm founded in 2009 that targets seed through late-stage investments in software infrastructure, consumer internet, enterprise applications, fintech, cryptocurrency, and biohealthcare. The firm has backed Airbnb, Coinbase, GitHub, Lyft, and Stripe, maintaining offices in San Francisco and Santa Clara. | Qloud GamesAzra GamesE-Pal+2 | 15 | Seed | |
The Games Fund | | The Games Fund is an early-stage venture capital fund founded by gaming industry executives. The firm invests in game studios, esports platforms, and gaming middleware developers across Europe and North America. Portfolio companies include mobile game publishers and VR tool providers. The Games Fund offers hands-on guidance from veterans of studios like Ubisoft and Electronic Arts, headquartered in Moscow with investments in titles reaching millions of downloads. | Dark PassengerPlaygamaDrama Studios+2 | 15 | Seed | |
Delphi Ventures | | Delphi Ventures is a San Francisco-headquartered venture capital firm investing in crypto-economic systems, Web3 infrastructure, and DeFi protocols. The firm backs projects enabling decentralized coordination at scale, with portfolio companies like Chainlink and Optimism. Delphi focuses on early-stage opportunities in blockchain scalability. | Distinct Possibility StudiosPixion GamesFanton+2 | 13 | Seed |
Founders and investors we've worked with
We've supported winning builders across gaming and beyond.
Legendary Play
We acted as exclusive fundraising advisor to Legendary Play, a Berlin-based esports mobile gaming studio, on its growth round co-led by MTG and BITKRAFT Ventures.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
See moreRecent VC fundraising track record
See our VC fundraising experience across gaming and beyond.
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