Theorycraft Games has announced that it has raised $50M in funding in a Series B investment round led by Makers Fund. Participants in the round included NEA and 16z (AH Capital Management, LLC).
Theorycraft will use this fund to expand its team of the most talented developers in the world and develop 10,000 hours of deep, multiplayer games such as Loki, the first game of the company that made a big splash when it was launched. (Loki, which has a large cast of unique heroes, is a competitive, multiplayer, adventurous war game that pushes the creative limits of players. Theorycraft designed this game with inspiration from games such as League of Legends, Overwatch, Halo and VALORANT, which he has previous experience with.)
In the last 18 months Theorycraft Games, VALORANT, and arts leaders from arcane Overwatch, VALORANT League of Legends and Teamfight tactics including technical leaders from the world’s best developers and designers managed to gather a small but powerful team under their own roof. Halo has added product/design people from Destiny, Legends of Runeterra and League of Legends to its team. In May, Legends of Runeterra game director Andrew Yip and finally League of Legends game director Jon Belliss joined the team.
“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. Joe and team have created the perfect concoction in the modern game making — a systems-first, no-BS, get-things-done culture combined with profound design flair and a voraciously community-focused approach.” Jay Chi, founder of Makers Fund
“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. If you’re a game developer who wants more autonomy and more impact; the deepest in the world if you want to focus on making games; if you want to hyper-serve an incredible community who has helped get us this far already—we’d love to hear from you!” Joe Tung, CEO and co-founder of Theorycraft Games.
Theorycraft Games is an independent game studio that has adopted the mission of developing 10,000 hours of deep games that are much more enjoyable when played in multiplayer. In December 2020, Riot Games was founded by Joe Tung, Mike Tipul, Michael Evans, Areeb Pirani and Moby Francke, former studio leaders of Bungie, Blizzard and Valve Software. At the time, the team led the development of games such as League of Legends, Halo, Destiny, Overwatch, VALORANT, DotA 2 and Team Fortress 2.
Theorycraft Games is an entirely remote studio with roots in Los Angeles, Irvine and Seattle.