Theorycraft Games has announced that it has raised $37.5 million in a Series A funding round led by Chinese technology company NetEase, Inc. Other participants include venture capital firm New Enterprise Associates, BITKRAFT Ventures, Griffin Gaming Partners, SISU Game ventures, and a small group of angel investors. The investment will be used to build out the game studio’s team, as it develops a community PvP game.
Theorycraft Games raises $37.5M in Series A
Joe Tung, CEO and Founder of Theorycraft Games, commented on the launch:
We feel pretty damn fortunate—not only to have gotten off to such a great start to the studio—but to have found a group of such like-minded partners who believe like we do that games serve fundamental human needs; who support our goal of getting the game in players’ hands quickly and developing the game with them; and most importantly, who understand that we are in this for the long-term. NetEase and our co-investors are the ideal group of partners to help us bring the company’s vision to life.
The Theorycraft Games founding team is made up of veterans from the likes of Riot Games, Bungie, Blizzard, and Valve – who have worked on franchises that include League of Legends, Halo, Destiny, Overwatch, Valorant and Team Fortress 2.
Joe Tung, the CEO and Founder of Theorycraft Games, formerly held the role of Executive Vice President at Riot Games. There, Tung oversaw development and publishing for the League of Legends franchise, along with Teamfight Tactics and Wild Rift. Before that, he was the executive producer at Bungie, where he contributed to titles like Halo 3, Halo: Reach, and Destiny. Tung announced his departure from Riot Games in October 2020.
Other founding members of Theorycraft Games include former Riot Games Technical Lead Michael Evans (Valorant, Overwatch, Halo) as Chief Technology Officer, former Bungie Incubation Creative Director Mike Tipul (Destiny) as Chief Creative Officer, former Riot Games and Bungie Art Director Moby Francke (Valorant, League of Legends, Dota 2, Team Fortress 2) as Art Director, along with former Riot Games Director of Strategy and Revenue Lead Areeb Pirani as Chief Operating Officer.
The Theorycraft Games mission statement is to “make deep, 10,000-hour games that are even better when played with friends” and from the wealth of experience that the founding members have, I’m excited to see what the team has in store for the community.
For more information regarding Theorycraft Games and how you can contribute to its growth, you can visit the company’s website.