Theorycraft Games raises $50 million in Series B funding

Interested in learning what’s next for the gaming industry? Join gaming executives to discuss emerging parts of the industry this October at GamesBeat Summit Next. Register today.

Independent developer Theorycraft has announced an additional $50 million in Series B funding. This latest investment round was led by Makers Fund with participation from NEA and a16z. The company is in active development on their first title — codename Loki.

“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. “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.”

Theorycraft will use the funding from Series B to ramp up development and talent acquisition for their first game, Loki. It is a “competitive, team-based adventure,” which makes a lot of sense if you look at their pedigree. The team comes from several large, multiplayer, competitive titles like League of Legends, Valorant, and Destiny.

“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 Joe Tung, CEO and co-founder of Theorycraft Games, in a press release. “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 who has helped us get this far already — we’d love to hear from you!”

One of the aforementioned talents acquired is former game design lead for League of Legends, John Belliss. Before his time as design lead, Belliss lead several teams for League of Legends and Valorant.

John Belliss

“Riot was a truly amazing journey,” said Jon Belliss. “After spending over a decade there, it felt like time to try something new, especially now with the myriad of new gaming startups that have formed. When evaluating my options, I chose Theorycraft because I realized while there’s no shortage of great ideas out there, there is a shortage of developers that know how to strike a balance between player focus and running a successful game-as-a-service. I believe in Theorycraft’s ability to do this exceptionally well. I’m truly excited to work with the talented team here and look forward to building a game that’s worthy of players’ time and passion.”

Theorycraft is currently hiring and searching for talent. If you feel they might be right for you, check out their site over here.

GamesBeat’s creed when covering the game industry is «where passion meets business.» What does this mean? We want to tell you how the news matters to you — not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Discover our Briefings.