ProbablyMonsters closes fundraise with $250M for new game studios

ProbablyMonsters announced that it has closed its latest round of fundraising. After announcing last September that it had already raised $200 million, it has now given the final amount: $250 million.

LKCM Headwater Investments, which has served on the company’s board since 2018, led the round. ProbablyMonsters plans to put the money towards its various development teams, with the goal of building the whole company into a more stable home for developers.

Harold Ryan, CEO and Founder of ProbablyMonsters, said in a statement to GamesBeat, “We’re proud and humbled to announce we’ve closed our Series A raise at $250M. This speaks to the passion and commitment of every single person at ProbablyMonsters and the belief in our vision to build a better, more sustainable home for game developers. With these funds, we’ve secured our long-term independence as a new category of game company. Our goal has always been to invest in our people first. We want them to thrive building games they love in a positive and stable environment, and eventually be able to retire from ProbablyMonsters.”

The company’s three studios are each working on a new game. The Cauldron team is, as of last report, making a single-player adventure game. Firewalk Studios is working on a triple-A multiplayer game to be published by Sony Interactive Entertainment. The third studio, as yet unnamed, is working on a co-op RPG.

Ryan added, “We also have our operations, technology, and community teams which continue to scale up to handle everything outside of game development so our studios can focus on what they do best. A big thanks to our community for supporting our people-centric culture from the beginning. With your help, we’ve created a strong foundation and positioned ourselves as a developer-led company that’s built to last.”