Theorycraft Games today announced an additional $50 million raised in Series B funding, led by Makers Fund with participation from NEA and a16z. Theorycraft Games will use this raise to continue building out the most talent-dense team in games and to ensure they can keep making deep, 10,000 hour games that are just better when played with friends, like the company’s first game, codenamed Loki.
Featuring an expansive cast of unique heroes, Loki, is a competitive, team-based game of adventure, creativity, and high-stakes combat. With inspiration drawn from Theorycraft’s past collective experiences working on titles like League of Legends, Overwatch, Halo, and VALORANT.
“Beyond the pedigree of the talent base, we’ve been continuously impressed by Theorycraft’s pace of development and the quality of what they have delivered in under two years,” said Jay Chi, founder of Makers Fund. “Joe and team have created the perfect concoction in modern game making — a systems-first, no-BS, get-things-done culture combined with profound design flair and a voraciously community-focused approach.”
In the past 18 months, Theorycraft Games has attracted a small but mighty team made up of the best developers in the world, including art leadership from VALORANT, Overwatch, and Arcane, technical leadership from VALORANT, League of Legends and Teamfight Tactics, and design/product leadership from Halo, Destiny, Legends of Runeterra and League of Legends. In May, they were joined by Legends of Runeterra game director Andrew Yip, and, most recently, League of Legends game director Jon Belliss.
“What’s attracted both talent and investors to our cause is our conviction that great games serve fundamental human needs, and a studio that’s hellbent on serving those needs—above market trends, novel tech, or endless sequels—is an exciting opportunity to have an impact on the industry we love,” said Joe Tung, CEO and co-founder of Theorycraft Games. “If you’re a game developer who wants more autonomy and more impact; if you want to focus on making the deepest games in the world; if you want to hyper-serve an incredible community who has helped us get this far already—we’d love to hear from you!”
Theorycraft Games has been hosting external playtests with real players for most of the studio’s existence, with their largest playtest happening in a few weeks. For more information on Theorycraft Games and Loki, visit theorycraftgames.com. For North American PC players interested in playtesting Loki, visit theorycraftgames.com/community.
About Theorycraft Games
Theorycraft Games is an independent game studio on a mission to make deep, 10,000-hour games that are just better when played with friends. Theorycraft was founded in December 2020 by Joe Tung, Mike Tipul, Michael Evans, Areeb Pirani, and Moby Francke – former studio leaders at Riot Games, Bungie, Blizzard, and Valve Software. Collectively they led the development of games such as League of Legends, Halo, Destiny, Overwatch, VALORANT, DotA 2, and Team Fortress 2.
Theorycraft Games is a fully remote studio, with roots in Los Angeles, Irvine and Seattle.
About Makers Fund
Makers Fund is a global interactive entertainment venture capital firm focused on early-stage investments. Makers is dedicated to furthering growth and innovation in the interactive entertainment industry. With more than 90 portfolio companies to date, Makers provides founders strategic value that is deeply catered to companies across the value chain in the industry. For more information, visit makersfund.com.
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