$50M in funding raised by Theorycraft Games

Theorycraft Games has announced an additional $50 million raised in Series B funding, led by Makers Fund with participation from NEA and a16z. Theorycraft Games will use this raise to continue building out the most talent-dense team in games and to ensure they can keep making deep, 10,000-hour games that are just better when played with friends, like the company’s first game, codenamed Loki.

Featuring an expansive cast of unique heroes, Loki, is a competitive, team-based game of adventure, creativity, and high-stakes combat. With inspiration drawn from Theorycraft’s past collective experiences working on titles like League of Legends, Overwatch, Halo, and VALORANT.

Theorycraft Games raises $50M to maintain a long-term focus on talent and games

“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. Joe and the 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,” said Jay Chi, founder of Makers Fund.

In the past 18 months, Theorycraft Games has attracted a small but mighty team made up of the best developers in the world, including art leadership from VALORANT, Overwatch, and Arcane, technical leadership from VALORANT, League of Legends and Teamfight Tactics, and design/product leadership from Halo, Destiny, Legends of Runeterra and League of Legends. In May, they were joined by Legends of Runeterra game director Andrew Yip, and, most recently, League of Legends game director Jon Belliss.

“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. If you’re a game developer who wants more autonomy and more impact; if you want to focus on making the deepest games in the world; if you want to hyper-serve an incredible community that has helped us get this far already, we’d love to hear from you,” said Joe Tung, CEO, and co-founder of Theorycraft Games.

Theorycraft Games has been hosting external playtests with real players for most of the studio’s existence, with their largest playtest happening in a few weeks.