Theorycraft Games, formed by Riot, Blizzard, and Bungie veterans, has closed a new funding round. The studio raised $50 million to develop the competitive multiplayer game codenamed Loki.
How much money has Theorycraft Games raised?
The Series B round was led by Makers Fund, with participation from a16z and NEA. With the $37.5 million raised last year, it brings Theorycraft’s total funding to $87.5 million.
The studio will use the funding to expand its team with new talent and produce “10,000-hour games” with multiplayer and competitive elements.
“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,” Theorycraft CEO and co-founder Joe Tung said in a statement.
What is known about Loki and the team behind it?
Theorycraft brands Loki as a “competitive, team-based game of adventure, creativity, and high-stakes combat.” It is a pretty vague description that doesn’t say much about the game’s core gameplay and certain mechanics.
Loki’s release date remains undisclosed, but the team is accepting playtest applications.
The studio was founded by former lead developers of games like Valorant, Overwatch, Halo, and League of Legends. So it is no wonder they cite these titles as inspiration for Loki.
Theorycraft Games is led by Joe Tung, former executive vice president of LoL, who also worked on Halo and Destiny. The team also includes veterans from companies like Bungie, Riot Games, Blizzard, and Valve.
Iin May, the studio also hired League of Legends game director Jon Belliss. Right now, it is looking for level, combat, gameplay, and game designers.