– 1047 Games’ meteoric summer sees third round of funding in three months totaling more than $120 million on the heels of online shooter Splitgate’s rise to the mainstream –
1047 Games announced the company has closed an additional round of funding totaling $100 million at a pre-money valuation of $1.5 billion valuation with Lightspeed Venture Partners as its lead investor alongside New York-based global private equity and venture capital firm Insight Partners, Anthos Capital, and earlier seed round investors Galaxy Interactive, VGames, Human Capital, Lakestar, DraperDragon, and Draper University. Since its open beta earlier this summer, 1047 Games’ online shooter Splitgate has seen a rapid rise in player adoption across PC, PlayStation and Xbox consoles with more than 13 million downloads for the free-to-play game in less than two months.
Splitgate captures a unique position in the interactive entertainment space, harnessing the fast-paced multiplayer gameplay of classic arena shooters and combining it with the unique mechanic of portals, allowing players to compete with other players online in ways exclusive only to Splitgate.
“In gaming, Lightspeed focuses on founders that have a bold vision for innovation and the determination to build the next generational platform.” said Amy Wu, partner at Lightspeed Venture Partners. “We found that with Ian and Nick. They’ve done so much with minimal funding, and we’re excited to see what they can do with more firepower. We’re proud to be assisting them as they take their brand to the next level.”
The funding enables 1047 Games to build out its complete vision for Splitgate as a top-tier, AAA competitive shooter and begin to implement the studio’s larger vision for establishing itself as a leading creative force of distinct and inventive IP in the gaming space. The studio’s long-term vision is to usher in an era of ‘new’ classic games, pioneering in genres where innovation has currently stalled by providing transformative new takes in well-known, globally-recognized gaming genres.
The funding also enables the small studio to recruit the best talent in the industry, as they are actively hiring and aggressively ramping up.
“Building on our core success with Splitgate is our main focus in the immediate future – we are rapidly scaling across all areas of our studio,” said CEO and 1047 Games Co-Founder Ian Proulx. “We are far from finished building out what we feel is the complete Splitgate experience for our loyal and dedicated fans. The funding secured from our partners, combined with the belief and support of our vision, enables us to focus on both our short-term growth needs, and more importantly, our long-term vision for 1047 Games as a premier driver of completely fresh gaming experiences for fans.”
“Insight is proud to be on board with the impressive team at 1047 Games,” said Jeff Horing, Co-Founder and Managing Director at Insight Partners. “The passion from the team and its creative drive to excel into a global producer of digital entertainment is impressive, and we’re thrilled to have them as one of our partners.”
Currently in open beta, Splitgate has been hailed by international press as one of the hot games of summer 2021. The quick rise in player adoption and unprecedented funding rounds in just a short three months have created a whirlwind of buzz around 1047 Games and Splitgate, with appearances on premier game showcases at E3 and Gamescom events.
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