Santa Monica-based game developer Theorycraft Games Inc. said it plans to dedicate the bulk of the $50 million raised in its latest funding round, which closed on Sept. 22, to game development and staff expansion.
Theorycraft is a relatively new player in the gaming market following its December 2020 launch, but its founders are no strangers to the industry. Chief Executive Joe Tung and Chief Operating Officer Areeb Piran were formerly game directors at the West Los Angeles-based Riot Games Inc., while Chief Customer Officer Mike Tipul, Chief Technology Officer Michael Evans and Art Director Moby Francke were studio leaders at gaming heavyweights Bungie, Activision Blizzard and Valve Corp., respectively.
Tung, in a statement accompanying the September 22 announcement of Theorycraft’s $50 million series B funding round, said the company was founded to provide a consumer-facing alternative to mainstream studios purely driven by metrics.
“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,” said Tung.
While operations are chiefly remote, many of the company’s current staff of 40 are based in and around the Los Angeles area. In an Oct. 1 email to the Business Journal, Tung said “We have deep roots in the vibrant SoCal game development scene and continue to invest in our presence here.”
The company says it will dedicate a significant portion of the newly raised $50 million to expanding that team, with Tung encouraging game developers “who want more autonomy and more impact” to seek them out.
The company has raised a total of $87.5 million since its founding.
The new funding will also support game creation, according to the company, which is currently in development on its first as-of-yet untitled gaming title. Codenamed “Loki,” the game will be a competitive team-based game drawing inspiration from titles the team has previously worked on.
Theorycraft’s latest funding round was led by the global venture capital firm Makers Fund, which is focused on early-stage investments in the entertainment industry.
“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,” said Jay Chi, founder of Makers Fund, in the Sept. 22 funding announcement. “Joe and team have created the perfect concoction in modern game making — a systems-first, no-BS, get-things-done culture combined with profound design flair and a voraciously community-focused approach.”
