Believer Entertainment, a new gaming studio founded by former executives of Riot Games, has announced the closing of a $55 million Series A funding round. This funding will help launch the company’s new gaming venture. CEO Michael Chow shared that the amount raised was more than what the company had initially planned for. The gaming industry has seen a rise in investment despite uncertain economic conditions.
The gaming industry has grown significantly over the past few years, and investors have taken notice of this trend. According to Chow, investors have become more bullish and long-term focused, particularly over the past five to seven years. This has contributed to the growth of investment in the gaming space. Lead investor Lightspeed, in particular, is increasing its gaming presence. The firm recently hired Moritz Baier-Lentz as its head of gaming and a partner in January.
Believer Entertainment is led by CEO Michael Chow, a former vice president of Riot Games, and Steven Snow, the company’s chief product officer and a founding member of Riot. The funding will primarily be used to hire staff to develop the company’s new gaming venture. Several notable investors participated in the funding round, including Andreessen Horowitz, Bitkraft Ventures, Riot Games, 1Up Ventures, Don Thompson’s Cleveland Avenue, and Michael Eisner’s Tornante Company.
Believer Entertainment is primarily focused on building open-world games. This approach aligns with the trend of gaming developers not tying themselves to a single platform. Believer joins the list of gaming studios that are focusing on developing games that can be played across multiple platforms.
The funding raised by Believer Entertainment is significant for the gaming industry. It indicates that investors are confident in the future of the gaming space, despite the current economic climate. The gaming industry has seen significant growth in recent years, which is expected to continue. As more people look to gaming for entertainment, the industry is poised for continued success.
In conclusion, Believer Entertainment has announced the closing of a $55 million Series A funding round to help launch the company’s new gaming venture. The gaming industry continues to see an increase in investment despite uncertain economic conditions. Investors have become more bullish, and long-term focused over the past few years, contributing to the growth of investment in the gaming space. Believer Entertainment is led by former executives of Riot Games and will primarily focus on building open-world games. The funds raised will be used to hire staff to develop the company’s new gaming venture. This development indicates the trend of gaming developers not tying themselves to a single platform. With more people turning to gaming for entertainment, the industry is poised for continued growth and success.