ProbablyMonsters, a game development startup based in Washington, has raised $200 million in series A funding to develop the next generation of AAA games.
The Series A preferred stock financing round was led by LKCM Headwater Investments, the private equity arm of Luther King Capital Management, and counted with participation from existing investors. The round represents the largest Series A funding achieved in the history of game development. Bryan King, Managing Partner of LKCM Headwater Investments, referred to the firm’s participation by stating:
“We are excited to expand our partnership with ProbablyMonsters reflecting our confidence in the team’s strong progress executing their vision of developing a portfolio of games led by a proven, well-aligned, and exceptionally talented team in a thoughtfully developed culture since our initial investment in 2018,”
The new funding will not only provide long-term stability to the game development startup and its employees but also provide the teams with the necessary resources to develop a creative environment that fosters innovation and attracts top talent. CEO and founder Harold Ryan said about this approach:
“As part of our growth, we are now secure beyond any one AAA game project, predictably providing our teams with stable, creatively rewarding, and long-lasting gaming careers. Our goal is to make ProbablyMonsters a home where developers with vision can build a meaningful career, thrive in a positive culture, and deliver amazing experiences to generations of gamers across the world.”
At this time, the startup has more than 230 employees but plans to maintain a 50% annual headcount growth over the next few years, increasing its ability to generate more IP across different genres of video games.
With the gaming sector becoming the most important niche in the entertainment industry, ProbablyMonsters believes that its employee-first approach will allow it to become a leader in game development while creating new and exciting products for gamers around the world.