Makers Fund raises $250M for its 4th fund to back next-generation interactive entertainment
Makers Fund, the venture capital firm built around interactive entertainment, has closed its $250 million fourth fund. The new raise means the venture firm has $1.5 billion in assets under management (AUM) now. The new fund will back the founders shaping what games and interactive entertainment look like next. Founded in 2016, Makers was the first investor and largest shareholder in Dream Games, reportedly acquired by CVC for $5 billion in one of the most significant gaming and consumer exits of recent years. The company also had meaningful outcomes from exits for its portfolio companies General Intuition/Medal.tv, tinyBuild, and Parsec, among others. “We’ve also been fortunate to have a consistent group of long-term LPs who havesupported us across multiple funds. We think that reflects not only the outcomes we’vehad, but the relationships we’ve built over time and the support we provide to our portfoliocompanies. Some of our strongest advocates are the founders we’ve backed,” the firm said. That early, all-in approach has defined the firm’s first decade: Makers’ $180 million Fund I has distributed 3.6 times the capital invested, placing it in the top 1% of venture funds globally. And while other investors have pulled back from gaming through the cycle, Makers has stayed the course as long-term partners to exceptional creators, regardless of market weather. “Makers was founded on the belief that creators are the constant, even as the landscape shifts around them,” said Jay Chi, general partner, in a statement. “Fund IV is that belief, doubled down. Today’s founders are navigating new user behaviors, new distribution models, and a wave of fresh technology – and we think it’s a powerful moment to back the companies that will define the next era.” Dream Games has raised a huge pile of money thanks to Royal Match. Fund IV will extend Makers’ mark: high-conviction bets and deep partnership with the world’s leading interactive entertainment creators. Over the years, the firm has quietly expanded beyond games into consumer apps, entertainment, and creation platforms – carrying lessons on product design, go-to-market, and scale across every category it touches. Portfolio highlights tell the story: Dream Games, where Makers invested in every round from first check to exit; FaceIt, where Makers’ early support preceded a billion-dollar acquisition; PixAI, the leading GenAI platform for anime fans, where Makers led the first round; and Voldex, which Makers seeded and has stood behind as it grew into the largest publisher on Roblox. Makers was also a seed investor in Medal.tv, the game clipping platform that now powers General Intuition, the AI frontier research lab that recently raised $133M from Khosla Ventures and General Catalyst. “The industry keeps evolving, and so will we,” added Michael Cheung, general partner, in a statement. “Equity, project financing, marketing financing – whatever it takes to help our founders build generational companies, that’s the partner we want to be.” Asked why it didn’t just put all this money into AI startups, Makers Fund said, “Our starting point has always been the consumer and the creator, rather than a particular technology. We’re looking for experiences and products that create novel and enduring forms of joy for users, and technologies that meaningfully empower creators to do that.” The team added, “We continue to believe that truly generational entertainment experiences require extraordinary creative judgment, taste, design, storytelling and an understanding ofcommunity. AI can expand what creators are capable of, but the technology itself isn’t asubstitute for those things. We don’t see games and AI as opposing investment theses. AI is an important technology, and we’re already investing in it where it intersects with our mandate.” With teams in London, Reykjavik, Tokyo, Singapore, New York, and LA, Makers Fund invests globally and across stages, taking a broad view of interactive entertainment, including consumer products, platforms, and services where entertainment is central to the experience or where gamer needs are uniquely served. Fund IV continues Makers’ mission to back a diverse, global community of founders and to contribute to the long-term health of the industry they’re building. Makers Fund has a portfolio of 90 companies. To date, the company raised $960 million across funds raised in2017, 2019 and 2021. As for the core thesis, the company said, “The core thesis hasn’t changed. We’re a creator-first investor in interactive entertainment. We start by looking for exceptional creators with a distinctive understanding of their audience and the ability to build experiences that people genuinely love.” The firm added, “What continues to evolve is the definition of interactive entertainment itself. Traditional games remain a huge part of what we do, but new technologies and changing consumer behaviors are opening up new forms of entertainment, from role-playing and c
Makers Fund, the venture capital firm built around interactive entertainment, has closed its $250 million fourth fund.
The new raise means the venture firm has $1.5 billion in assets under management (AUM) now. The new fund will back the founders shaping what games and interactive entertainment look like next.
Founded in 2016, Makers was the first investor and largest shareholder in Dream Games, reportedly acquired by CVC for $5 billion in one of the most significant gaming and consumer exits of recent years.
The company also had meaningful outcomes from exits for its portfolio companies General Intuition/Medal.tv, tinyBuild, and Parsec, among others.
“We’ve also been fortunate to have a consistent group of long-term LPs who have
supported us across multiple funds. We think that reflects not only the outcomes we’ve
had, but the relationships we’ve built over time and the support we provide to our portfolio
companies. Some of our strongest advocates are the founders we’ve backed,” the firm said.
That early, all-in approach has defined the firm’s first decade: Makers’ $180 million Fund I has distributed 3.6 times the capital invested, placing it in the top 1% of venture funds globally. And while other investors have pulled back from gaming through the cycle, Makers has stayed the course as long-term partners to exceptional creators, regardless of market weather.
“Makers was founded on the belief that creators are the constant, even as the landscape shifts around them,” said Jay Chi, general partner, in a statement. “Fund IV is that belief, doubled down. Today’s founders are navigating new user behaviors, new distribution models, and a wave of fresh technology – and we think it’s a powerful moment to back the companies that will define the next era.”
Dream Games has raised a huge pile of money thanks to Royal Match. Fund IV will extend Makers’ mark: high-conviction bets and deep partnership with the world’s leading interactive entertainment creators. Over the years, the firm has quietly expanded beyond games into consumer apps, entertainment, and creation platforms – carrying lessons on product design, go-to-market, and scale across every category it touches.
Portfolio highlights tell the story: Dream Games, where Makers invested in every round from first check to exit; FaceIt, where Makers’ early support preceded a billion-dollar acquisition; PixAI, the leading GenAI platform for anime fans, where Makers led the first round; and Voldex, which Makers seeded and has stood behind as it grew into the largest publisher on Roblox.
Makers was also a seed investor in Medal.tv, the game clipping platform that now powers General Intuition, the AI frontier research lab that recently raised $133M from Khosla Ventures and General Catalyst.
“The industry keeps evolving, and so will we,” added Michael Cheung, general partner, in a statement. “Equity, project financing, marketing financing – whatever it takes to help our founders build generational companies, that’s the partner we want to be.”
Asked why it didn’t just put all this money into AI startups, Makers Fund said, “Our starting point has always been the consumer and the creator, rather than a particular technology. We’re looking for experiences and products that create novel and enduring forms of joy for users, and technologies that meaningfully empower creators to do that.”
The team added, “We continue to believe that truly generational entertainment experiences require extraordinary creative judgment, taste, design, storytelling and an understanding of
community. AI can expand what creators are capable of, but the technology itself isn’t a
substitute for those things. We don’t see games and AI as opposing investment theses. AI is an important technology, and we’re already investing in it where it intersects with our mandate.”
With teams in London, Reykjavik, Tokyo, Singapore, New York, and LA, Makers Fund invests globally and across stages, taking a broad view of interactive entertainment, including consumer products, platforms, and services where entertainment is central to the experience or where gamer needs are uniquely served.
Fund IV continues Makers’ mission to back a diverse, global community of founders and to contribute to the long-term health of the industry they’re building.
Makers Fund has a portfolio of 90 companies. To date, the company raised $960 million across funds raised in2017, 2019 and 2021.
As for the core thesis, the company said, “The core thesis hasn’t changed. We’re a creator-first investor in interactive entertainment. We start by looking for exceptional creators with a distinctive understanding of their audience and the ability to build experiences that people genuinely love.”
The firm added, “What continues to evolve is the definition of interactive entertainment itself. Traditional games remain a huge part of what we do, but new technologies and changing consumer behaviors are opening up new forms of entertainment, from role-playing and community-driven experiences to more realistic simulation and new intersections between digital and physical play.”
And the company said, “We’re particularly interested in creators building for audiences that historically haven’t been well served by the traditional games industry, globally minded teams emerging outside the industry’s historical centers, and teams that are rethinking how great content gets produced and distributed.”
As for studio shutdowns, the company said, “Games has absolutely gone through a reset, and it’s still a very challenging funding environment, particularly for content studios. Consumer behavior has shifted, distribution has become harder, and some of the production and financing assumptions from the last cycle simply don’t work anymore.”
And it added, “But that doesn’t mean great creators have stopped building or consumers have stopped wanting great interactive entertainment. If anything, we’re seeing founders respond to the environment with much more discipline, more realistic budgets, more thoughtful production plans, and a much greater focus on building durable businesses.”
Makers Fund said resets are also when specialist capital matters most.
“We’re not making a broad bet that every part of gaming will grow. We’re trying to identify the creators, categories and business models that can gain share as the market changes. We think many of the winners of the next cycle are being built right now,” the firm said.
Makers Fund is registered in Singapore, but it doesn’t have a geographic mandate.
“We believe the best creators can emerge from anywhere, so we follow talent wherever they
are. Our portfolio is roughly evenly distributed across North America, Europe and Asia, with
local teams providing investment coverage and portfolio support across all three regions,” the firm said.
The new raise means the venture firm has $1.5 billion in assets under management (AUM) now. The new fund will back the founders shaping what games and interactive entertainment look like next.
Founded in 2016, Makers was the first investor and largest shareholder in Dream Games, reportedly acquired by CVC for $5 billion in one of the most significant gaming and consumer exits of recent years.
The company also had meaningful outcomes from exits for its portfolio companies General Intuition/Medal.tv, tinyBuild, and Parsec, among others.
“We’ve also been fortunate to have a consistent group of long-term LPs who have
supported us across multiple funds. We think that reflects not only the outcomes we’ve
had, but the relationships we’ve built over time and the support we provide to our portfolio
companies. Some of our strongest advocates are the founders we’ve backed,” the firm said.
That early, all-in approach has defined the firm’s first decade: Makers’ $180 million Fund I has distributed 3.6 times the capital invested, placing it in the top 1% of venture funds globally. And while other investors have pulled back from gaming through the cycle, Makers has stayed the course as long-term partners to exceptional creators, regardless of market weather.
“Makers was founded on the belief that creators are the constant, even as the landscape shifts around them,” said Jay Chi, general partner, in a statement. “Fund IV is that belief, doubled down. Today’s founders are navigating new user behaviors, new distribution models, and a wave of fresh technology – and we think it’s a powerful moment to back the companies that will define the next era.”
Dream Games has raised a huge pile of money thanks to Royal Match. Fund IV will extend Makers’ mark: high-conviction bets and deep partnership with the world’s leading interactive entertainment creators. Over the years, the firm has quietly expanded beyond games into consumer apps, entertainment, and creation platforms – carrying lessons on product design, go-to-market, and scale across every category it touches.Portfolio highlights tell the story: Dream Games, where Makers invested in every round from first check to exit; FaceIt, where Makers’ early support preceded a billion-dollar acquisition; PixAI, the leading GenAI platform for anime fans, where Makers led the first round; and Voldex, which Makers seeded and has stood behind as it grew into the largest publisher on Roblox.
Makers was also a seed investor in Medal.tv, the game clipping platform that now powers General Intuition, the AI frontier research lab that recently raised $133M from Khosla Ventures and General Catalyst.
“The industry keeps evolving, and so will we,” added Michael Cheung, general partner, in a statement. “Equity, project financing, marketing financing – whatever it takes to help our founders build generational companies, that’s the partner we want to be.”
Asked why it didn’t just put all this money into AI startups, Makers Fund said, “Our starting point has always been the consumer and the creator, rather than a particular technology. We’re looking for experiences and products that create novel and enduring forms of joy for users, and technologies that meaningfully empower creators to do that.”
The team added, “We continue to believe that truly generational entertainment experiences require extraordinary creative judgment, taste, design, storytelling and an understanding of
community. AI can expand what creators are capable of, but the technology itself isn’t a
substitute for those things. We don’t see games and AI as opposing investment theses. AI is an important technology, and we’re already investing in it where it intersects with our mandate.”
With teams in London, Reykjavik, Tokyo, Singapore, New York, and LA, Makers Fund invests globally and across stages, taking a broad view of interactive entertainment, including consumer products, platforms, and services where entertainment is central to the experience or where gamer needs are uniquely served.
Fund IV continues Makers’ mission to back a diverse, global community of founders and to contribute to the long-term health of the industry they’re building.
Makers Fund has a portfolio of 90 companies. To date, the company raised $960 million across funds raised in2017, 2019 and 2021.
As for the core thesis, the company said, “The core thesis hasn’t changed. We’re a creator-first investor in interactive entertainment. We start by looking for exceptional creators with a distinctive understanding of their audience and the ability to build experiences that people genuinely love.”
The firm added, “What continues to evolve is the definition of interactive entertainment itself. Traditional games remain a huge part of what we do, but new technologies and changing consumer behaviors are opening up new forms of entertainment, from role-playing and community-driven experiences to more realistic simulation and new intersections between digital and physical play.”
And the company said, “We’re particularly interested in creators building for audiences that historically haven’t been well served by the traditional games industry, globally minded teams emerging outside the industry’s historical centers, and teams that are rethinking how great content gets produced and distributed.”
As for studio shutdowns, the company said, “Games has absolutely gone through a reset, and it’s still a very challenging funding environment, particularly for content studios. Consumer behavior has shifted, distribution has become harder, and some of the production and financing assumptions from the last cycle simply don’t work anymore.”
And it added, “But that doesn’t mean great creators have stopped building or consumers have stopped wanting great interactive entertainment. If anything, we’re seeing founders respond to the environment with much more discipline, more realistic budgets, more thoughtful production plans, and a much greater focus on building durable businesses.”
Makers Fund said resets are also when specialist capital matters most.
“We’re not making a broad bet that every part of gaming will grow. We’re trying to identify the creators, categories and business models that can gain share as the market changes. We think many of the winners of the next cycle are being built right now,” the firm said.
Makers Fund is registered in Singapore, but it doesn’t have a geographic mandate.
“We believe the best creators can emerge from anywhere, so we follow talent wherever they
are. Our portfolio is roughly evenly distributed across North America, Europe and Asia, with
local teams providing investment coverage and portfolio support across all three regions,” the firm said.
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