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Video game developer ProbablyMonsters has raised $200M in Series A funding, the company announced Wednesday.
The funding was led by LKCM Headwater Investments and will contribute to the long-term growth of ProbablyMonsters, a Bellevue-based developer.
ProbablyMonsters operates a collection of AAA studios including the story-driven Cauldron Studios — currently developing a single-player adventure game — and multiplayer-focused Firewalk Studios, which earlier this year entered into an agreement for Sony Interactive Entertainment to publish its inaugural game; as well as a third unveiled last October dedicated to cooperative RPG games.
Funding will expand long-term features for its three studios and enhance employees’ benefits, while also opening the door for future teams and IP’s in new genres.
ProbablyMonsters was founded in 2016 and officially launched in 2019, led by CEO Harold Ryan, whose background includes serving as studio head, president and CEO of Bungie (Halo, Destiny) from 2000 to 2016.
“We have three big priorities that we’re moving forward with right now,” Ryan told The Hollywood Reporter, adding that the first is providing his teams with “meaningful gaming careers over the long term” and ensuring they will be able to eventually retire well from the company.
“Second, we’re expanding our game development platform, including live operations and community features for engaging with players,” he said. “This grows the world of possibilities for all of our studios and games and means that games as a service is fully a part of our game development ecosystem. It’s important that all our games can grow and evolve with their communities.”
Ryan’s third creative priority will be to support recruitment efforts in order to “welcome more talent and build future teams and IPs in additional genres to ProbablyMonsters.” He explained, “We’ve seen 50 percent annual growth, on average, so I expect our headcount to be north of 300 by the end of the year. Building and guiding new studios and teams is our DNA here at ProbablyMonsters.”
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