Bellevue-based video game creator ProbablyMonsters Inc. has raised $200 million in a Series A preferred stock financing round, the company announced this week.
The capital raise allows ProbablyMonsters, an independent game company that builds and sustains a family of AAA game studios, to evolve and grow while providing long-lasting stability for people-first gaming careers, the company said in a release. ProbablyMonsters also will use the funds to enhance employee benefits, expand its long-term resources, and accelerate its business growth and developer recruitment. The company, with more than 230 employees, is growing its employee count by 50 percent annually and plans to continue that pace.
ProbablyMonsters supports simultaneous AAA game projects across multiple internal development teams with shared resources and benefits. The funds will fuel this unique model, the company said, expanding its live operations and community features for engaging with gamers. This will benefit the company’s three announced game studios while opening the door for future teams and intellectual properties in more genres, it said.
In April, ProbablyMonsters announced its Firewalk team entered an agreement with Sony Interactive Entertainment to publish its inaugural multiplayer AAA game.
ProbablyMonsters’ Cauldron team is developing a single-player, adventure-driven game that will evolve with and around the player.
The company’s third team, a studio focused on role-playing games, is developing a next-generation, open world co-op experience that will bring players together, the release said.
Each team focuses on its own unique type of player experience, connected by the company’s mission to unite, guide, and empower developers to create exceptional entertainment experiences that delight gamers, the company said.
“As part of our growth, we are now secure beyond any one AAA game project, predictably providing our teams with stable, creatively rewarding, and long-lasting gaming careers,” CEO and founder Harold Ryan said in the release announcing the financing. “Our goal is to make ProbablyMonsters a home where developers with vision can build a meaningful career, thrive in a positive culture, and deliver amazing experiences to generations of gamers across the world.”
Ryan founded ProbablyMonsters in 2016 after a decorated stint at Bellevue-based game maker Bungie. There, he eventually became president and CEO. His credits at Bungie include the key franchise releases of Halo, Halo 2, Halo 3, Halo 3 ODST, Halo Reach, Bungie.net, and Destiny.
LKCM Headwater Investments led the Series A financing round. LKCM is the private equity arm of Luther King Capital Management, an SEC-registered investment advisory firm with about $25 billion in assets under management, and their affiliates, who are original investors in ProbablyMonsters and have served on the company’s board since 2018.
“We are excited to expand our partnership with ProbablyMonsters reflecting our confidence in the team’s strong progress executing their vision of developing a portfolio of games led by a proven, well-aligned, and exceptionally talented team in a thoughtfully developed culture since our initial investment in 2018,” Bryan King, managing partner of LKCM Headwater Investments, said in the release.