ProbablyMonsters raises $250 million in total Series A funding

Jon Yelenic, Thursday, April 21st, 2022 5:32 pm

Game company ProbablyMonsters announced on Wednesday that it has raised $250 million in total Series A funding at the closure of the company’s latest funding round. As reported by GamesBeat, the round was led by LKCM Headwater Investments–both the private equity arm of Luther King Capital Management, and also one of ProbablyMonsters’ investors. 

ProbablyMonsters, which was founded in 2016 by ex-Bungie CEO Harold Ryan, previously announced in 2021 that it had secured over $200 million in Series A funding. Last year, Ryan stated that one of the company’s goals was to “[provide] our teams with stable, creatively rewarding, and long-lasting gaming careers.”

With the announcement of the new funding total, the CEO doubled down on his prior sentiments, adding that the funds would be used “to build a better, more sustainable home for game developers.” 

“Our goal has always been to invest in our people first,” said Ryan in a statement. “We want them to thrive building games they love in a positive and stable environment, and eventually be able to retire from ProbablyMonsters.”

Since the company’s formation, Ryan has stressed ProbablyMonsters’ “people-first” approach to game development. “The needs of people in the industry have to come first. Game developers need a place they can thrive; everyone deserves to have a safe environment,” Ryan told GameDaily last year. 

By putting employees’ needs first, Ryan hopes for ProbablyMonsters’ approach to be a disruptive force in an industry often marred by crunch hours, workplace harassment, and uncertain job prospects.

In 2021, the company revealed that it was comprised of over 230 employees–up from just over 100 in 2020. Numerous game industry veterans have joined the company, with Dave Matthews (God of War, Myst) and Tony Hsu (Destiny, Call of Duty: Black Ops) heading Cauldron Studios and Firewalk Studios, respectively. 

Currently, the company has three studios, each of which is working on its own project. Cauldron is developing an original narrative-focused title, while Firewalk is working on an original multiplayer game that will be published by Sony Interactive Entertainment. A third, unnamed studio was unveiled in 2020, and will develop an “original next-gen co-op RPG.” © 2024 | All Rights Reserved.