ProbablyMonsters, a Seattle-area videogame company, raises funds Studio construction: $200M

ProbablyMonsters CEO Harold Ryan. (ProbablyMonsters Photo)

ProbablyMonsters, a video game company headquartered in Bellevue, Wash., announced on Tuesday that it has raised $200 million in a Series A financing round.

ProbablyMonsters was founded in 2016 by Harold Ryan (ex-Bungie CEO), and is a group that aims to “build a family of sustainable gaming studios through a people first culture.” This arrangement allows studios to focus more on their creative work, while it also takes a greater role in managing business operations.

According to Forbes, the $200 million is the largest amount of funding that any video game company has ever raised via Series A. GeekWire previously reported that ProbablyMonsters had been actively fundraising.

According to a company press release, the money will allow ProbablyMonsters “long-lasting stability” for its people-first gaming career.

Basically, ProbablyMonsters leadership wants to keep employees on the job and hire them for the long-term. This is in contrast with the typical hire-and fire cycles found in high-end game development. This money can also be used for community engagement and live operations expansion.

Ryan stated in a press release that “as part of growth, we now have security beyond any single AAA game project,” and that this will provide our teams with long-lasting, stable, creatively satisfying, and rewarding gaming careers. Our goal is to create a place where visionary developers can have a fulfilling career and thrive in a positive environment, while delivering amazing gaming experiences for generations to come.

Ryan’s aim with ProbablyMonsters, beyond simply creating high-budget original intellectual properties, is to create a “culture of respect” in the overall company. It is designed to create studios that are centered around creators and provide support for them as they work on new games.

This may seem obvious but it’s a low-key breakthrough in today’s mainstream American videogame industry. A large company actively trying to reduce developer burnout/turnover, is rare.

Currently, ProbablyMonsters has three in-house development studios. Firewalk is currently developing a multiplayer game that will be globally published by Sony Interactive Entertainment, while Cauldron’s first project is a “single-player, adventure-driven game that will evolve with and around the player.”

According to reports, the third team (unnamed) is working on an “open-world next-generation co-op experience which will unite players.”

The three groups are all considered to be “AAA”. In game-industry parlance this means a team that has a lot of money. Ryan considers an “AAA” team at least 75 members. ProbablyMonsters has more than 230 employees, and is looking to add more.

LKCM Headwater Investments was responsible for the financing. It is an arm of Luther King Capital Management, Fort Worth, Texas. The majority of the funds were raised by investors who have contributed in previous rounds to ProbablyMonsters’ funding round, although specific names are not available.

Publiated at 20:07:01, Wed, Sep 20, 2121 +0000

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