ProbablyMonsters raises $200M in largest series A round for video game development

ProbablyMonsters has announced today that it has raised a $200M  Series A preferred stock financing round.

The company was founded in 2016 by ex-Bungie CEO Harold Ryan, and describes itself as a new category of game company, aiming to build “a family of sustainable game studios that create and launch original  AAA games through a people-first culture.”

The funds will allow ProbablyMonsters to expand 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 IPs  in more genres.

The company will also use the funds to enhance benefits to its employees, expand  its long-term resources, and accelerate its business growth and developer recruitment. The company  currently has over 230 employees and plans to continue its current 50% annual headcount growth rate. 

“As part of our growth, we are now secure beyond any one AAA game project, predictably providing our teams with stability, creatively rewarding and long-lasting gaming careers,” said CEO and founder, Harold Ryan. “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.”

The Series A financing round was led by LKCM Headwater Investments, the private equity arm of Luther  King Capital Management, an SEC-registered investment advisory firm with approximately $25 billion in  assets under management, and their affiliates, who are original investors in ProbablyMonsters and have  served on the company’s Board of Directors since 2018, with participation from other original investors that have previously committed to the company’s vision.

“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,” said Bryan King,


About Chris Wallace

Chris is a freelancer writer and was MCV/DEVELOP's staff writer from November 2019 until May 2022. He joined the team after graduating from Cardiff University with a Master's degree in Magazine Journalism. He can be found on Twitter at @wallacec42, where he mostly explores his obsession with the Life is Strange series, for which he refuses to apologise.

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