ProbablyMonsters Raises $200M in Largest Series A Round for Videogame Development

New Category of Game Company Strategically Invests in Its Pioneering Model for Building Long-Lasting AAA Studios and IP

BELLEVUE, Wash.–(BUSINESS WIRE)–#GameDevProbablyMonsters™ Inc., the next generation independent game company that builds and sustains a family of AAA game studios, today announced it has raised a $200M Series A preferred stock financing round. The capital raise allows ProbablyMonsters to evolve and grow while providing long-lasting stability for people-first gaming careers. ProbablyMonsters provides its teams the stable resources and creative environment to foster rewarding life-long careers delivering best-in-class entertainment, while thriving in a positive culture.

“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,” 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 ambitious 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, Managing Partner of LKCM Headwater Investments.

ProbablyMonsters supports multiple simultaneous AAA game projects across its multiple internal development teams with shared resources and benefits. The funds will turbocharge this unique model, expanding the company’s 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. ProbablyMonsters 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.

Each team in the ProbablyMonsters family of studios 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. In April of this year, ProbablyMonsters announced its Firewalk team entered an agreement with Sony Interactive Entertainment to be the global publisher for 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, an RPG-focused studio, is developing a next-gen open world co-op experience that will bring players together.

Led by Harold Ryan, a proven leader who has generated more than $5B in revenues from blockbuster game franchises in his career spanning more than 20 years, ProbablyMonsters fosters an inclusive approach that continues to attract top talent looking for an innovative new way to make AAA games. The company has senior-level talent who have collectively worked on dozens of blockbuster entertainment franchises from over 70 major companies. ProbablyMonsters has a unique game development model that empowers its development teams to focus on culture, creativity, and their games.

ProbablyMonsters continues to invest in its people and games, while remaining committed to empowering its game developers and gamers.

Follow ProbablyMonsters on Twitter at @prblyMONSTERS and connect on LinkedIn.

About ProbablyMonsters Inc.

ProbablyMonsters, a new category of game company, was founded in 2016 by former Bungie President and CEO, Harold Ryan. ProbablyMonsters is building a family of sustainable game studios that create and launch original AAA games through a people-first culture. Located in Bellevue, Washington, the company has a strong cast of experienced, innovative game development leaders with a record of launching blockbuster projects. ProbablyMonsters’ mission is to unite, guide, and empower talented game developers to create exceptional interactive experiences. The company has built and fostered the growth of three announced studios, each with a unique player focus. Firewalk is making an original AAA multiplayer game that will be exclusively published by Sony Interactive Entertainment, Cauldron is making an original AAA narrative game, and the third studio is working on a next-gen co-op RPG project. ProbablyMonsters has over 230 employees and continues to focus on long-lasting growth, raising a preferred Series A funding round of $200M in 2021. For more information, visit


Jeane Wong | Scott Fry

ONE PR Studio [for ProbablyMonsters]

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