- Companies
- Gunzilla Games
Gunzilla Games Funding, Investors & Competitors
Gunzilla Games has raised $100M across 4 funding rounds, most recently a $20M Series B in March 2024.
Last Gunzilla Games funding round
$20M
Series B · Mar 2024
Cumulative funding Gunzilla Games raised
$100M
across 4 funding rounds
Key investors in Gunzilla Games
Republic capital
Shima Capital
CoinFund
Morningstar Ventures
Blizzard Fund
Infinite Capital
Gamegroove Capital
GamesUp42
About Gunzilla Games
Gunzilla Games is a Frankfurt-based game studio developing large-scale multiplayer titles using its proprietary Cloud Direct graphics engine powered by AWS. The team, formed by veterans from Crytek and Ubisoft, is building Off the Grid, a free-to-play battle royale set in a cyberpunk world of 2044 New Arcadia with 18-minute extraction matches, drivable vehicles, and weapon customization via 3D scanning of real firearms.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Gunzilla Games Funding History
Gunzilla Games has raised a total of $100M across 4 funding rounds.
Gunzilla Games' first fundraising round was a $25M seed round in November 2020. The most recent completed round was a $20M Series B in March 2024.
Gunzilla Games funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2024 | Series B | - | $20M | Gunzilla Games, a game development studio specializing in multiplayer gaming, is known for its blockchain-integrated battle royale title Off The Grid (OTG), set in a cyberpunk dystopian future. The game leverages the GUNZ blockchain platform, enabling player ownership of in-game assets like HEX items and trading via GUN tokens. On March 26, 2024, the company raised $30 million in a private sale funding round co-led by Blizzard Fund and CoinFund, with participation from Republic Capital. This was described as a combined $30M funding including a $10M strategic token round. The March 2024 round contributed to Gunzilla's total funding exceeding $70M across multiple rounds by that time, with subsequent investments including Coinbase Ventures in late 2024 and 1kx in an angel round on April 10, 2025. Off The Grid gained traction through events like the ALL-STARS Invitational in November 2024, attracting over 140,000 concurrent Twitch viewers and a $600,000 prize pool with influencers such as Shroud and xQc. The studio expanded accessibility by planning launches on iOS, Android, Mac, older PCs, smart TVs via NVIDIA GeForce NOW, and consoles like PlayStation 5 and Xbox Series X|S. Gunzilla's web3 gaming ambitions are supported by investors like VanEck and Coinbase Ventures, focusing on scaling OTG's Extraction Royale mode where players compete in squads, collect loot, and earn tokens. The company continued development with testing programs launched in May 2024 and token-related activities into 2025. |
| Mar 2024 | ICO | Blizzard Fund (lead); CoinFund (lead); Morningstar Ventures; Infinite Capital; Republic capital | $10M | - |
| Aug 2022 | Undisclosed stage | Republic capital (lead) | $45M | Gunzilla Games, a Frankfurt-based independent AAA game developer founded in 2020 by Vlad Korolev and Alexander Zoll, raised $46 million in a funding round on August 9, 2022, led by Republic Capital with participation from Griffin Gaming Partners, Animoca Brands, Jump Crypto, Raptor Group, CoinFund, Shima Capital, Dominance Ventures, GSR, Kucoin Labs, Spartan Investment Group, AlphaCrypto Capital, Blizzard, Digital Strategies, Morningstar Ventures, Gamegroove Capital, NGG, and Huobi Group, plus angel investor Justin Kan of Twitch. The funds are designated to develop their GunZ platform, which enables player ownership and trading of in-game items via blockchain and NFT technology, integrated with their flagship cyberpunk battle royale shooter 'Off The Grid' (OTG). The studio operates from Frankfurt (HQ), Los Angeles, and Kyiv, focusing on next-generation multiplayer shooters with free-to-play models enhanced by optional crypto elements for console compatibility. Industry veterans helm the team, aiming to innovate player ownership absent in traditional EULAs. This 2022 round forms part of Gunzilla's cumulative fundraising exceeding $70 million across multiple rounds, including a subsequent $30 million raise in March 2024 led by Blizzard Fund and CoinFund. Off The Grid has since garnered significant traction with over 12 million wallets and 230 million transactions, alongside development of the GUNZ L1 blockchain on Avalanche Subnet. |
| Nov 2020 | Seed | Gamegroove Capital (lead); GamesUp42; Shima Capital | $25M | Gunzilla Games, founded in March 2020 by industry veterans including CEO Vlad Korolev and CSO Alexander Zoll, is a AAA gaming studio integrating blockchain technology for digital asset ownership in titles like its flagship battle royale game Off The Grid, which blends narrative gameplay and has gained esports traction. The company's initial funding was $25 million from GameGroove Capital, a holding entity co-founded by Zoll and Korolev, matching the approximate November 2020 date and lead investor. This seed-stage investment supported early development during the COVID-19 pandemic, leveraging founders' prior experience from projects like Warface and PLINK. Subsequent rounds built on this foundation, including $46 million in August 2022 led by Republic Capital with participants like Griffin Gaming Partners, Animoca Brands, and Jump Crypto, followed by $30 million in 2023 co-led by CoinFund and Avalanche’s Blizzard Fund with backing from Coinbase Ventures and VanEck, bringing total funding over $100 million across multiple rounds. Gunzilla has expanded its GUNZ blockchain ecosystem and plans further Web3 gaming integrations. Later developments include token-related activities for GUNZ/GUN, with total raised reported variably as $71M to $107M across 5-7 rounds up to 2025, including angel rounds and strategic investments from 1kx and Coinbase Ventures. The studio is headquartered in Frankfurt, Germany, and focuses on innovative gaming with blockchain for in-game item trading. |
Who has invested in Gunzilla Games?
8 investors have backed Gunzilla Games across its funding rounds, including Republic capital, Shima Capital, CoinFund, Morningstar Ventures, Blizzard Fund and Infinite Capital.
Lead investors include Blizzard Fund, CoinFund, Republic capital and Gamegroove Capital.
Gunzilla Games Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Aug 2022 | ||
| 1 | Lead | Mar 2024 | ||
| 1 | Participant | Mar 2024 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Mar 2024 | ||
This data is available for Pro users. Sign up to see all 8 Gunzilla Games investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Gunzilla Games
Gunzilla Games has acquired 1 company to date.
Last acquisition by Gunzilla Games was on March 25th 2025. Gunzilla Games acquired Game Informer for undisclosed valuation.
Latest Acquisitions by Gunzilla Games
| Description | Game Informer is a video game magazine and digital media outlet recognized as the world’s leading resource for computer and video games. Published for 24 years by GameStop, it delivers reviews, previews, news, and features on titles across platforms. The Minneapolis-based publication maintains a strong reputation for trustworthiness and in-depth coverage, serving millions of gamers through print subscriptions, website traffic, and social channels. |
| HQ Country | |
| HQ City | Minneapolis, MN |
| Deal Date | 25 Mar 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Gunzilla Games acquisitions and their M&A valuation multiples. Start Free Trial | |
Gunzilla Games Competitors
Gunzilla Games competitors include listed companies like Oriental Pearl Group and Alpha, and private ones like Epic Games, Moon Active, Improbable and Spotter.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $5.7B | - | $23B | 3.9x | ||
| Private | $1.5B | - | $5B | 3.3x | ||
| Publicly listed | $1.1B | $296M | $4.2B | 3.2x | ||
| Private | $104M | - | $3B | 29.1x | ||
| Private | - | - | $2B | - | ||
| Publicly listed | $369M | $28M | $1.9B | - |
Gunzilla Games Public Comps
Gunzilla Games is still privately-owned, but its public comps include Microsoft, Netflix, Disney, NetEase, Warner Bros. Discovery, Nintendo, Take-Two Interactive, Roblox, Universal Music and Liberty Media.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $332B | $205B | 11.1x | 10.7x | 18.0x | 17.5x | |||
| $45B | $30B | 7.1x | 6.4x | 10.6x | 19.8x | |||
| $94B | $19B | 2.4x | 2.3x | 12.3x | 10.3x | |||
| $17B | $5.8B | 3.1x | 3.0x | 8.9x | 7.7x | |||
| $37B | $21B | 2.7x | 2.8x | 4.8x | 12.0x | |||
| $15B | $3.5B | 3.3x | 3.3x | 14.0x | 18.1x | |||
| $6.7B | $431M | 6.1x | 5.3x | 94.0x | 29.8x | |||
| $4.9B | ($1B) | 6.7x | 4.7x | (32.6x) | 24.1x | |||
This data is available for Pro users. Sign up to see all Gunzilla Games competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Gunzilla Games
| When was Gunzilla Games founded? | Gunzilla Games was founded in 2020. |
| Where is Gunzilla Games headquartered? | Gunzilla Games is headquartered in Frankfurt, Germany. |
| Is Gunzilla Games publicly listed? | No, Gunzilla Games is a private, VC-backed company. |
| How much funding has Gunzilla Games raised? | Gunzilla Games has raised $100M across 4 funding rounds. |
| What was Gunzilla Games' last funding round? | Gunzilla Games' last funding round was a $20M Series B in March 2024. |
| Who are Gunzilla Games' investors? | Gunzilla Games' investors include Republic capital, Blizzard Fund, Morningstar Ventures, GamesUp42, Shima Capital, Infinite Capital, Gamegroove Capital and CoinFund. |
| Which companies are comparable to Gunzilla Games? | Companies comparable to Gunzilla Games include Epic Games, Moon Active, Oriental Pearl Group, Improbable, Spotter and Alpha. |
| How many companies has Gunzilla Games acquired? | Gunzilla Games has acquired 1 company, including Game Informer. |
See companies similar to Gunzilla Games
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




