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- ProbablyMonsters
ProbablyMonsters Valuation, Funding & Investors
ProbablyMonsters is valued at $944M as of September 2021.
Last ProbablyMonsters valuation
$944M
Series A · Sep 2021
Last ProbablyMonsters funding round
$200M
Series A · Sep 2021
Cumulative funding ProbablyMonsters raised
$219M
across 2 funding rounds
Key investors in ProbablyMonsters
Goff Capital
Luther King Capital Management
LKCM Headwater
Jerry Jones
David Oxford
About ProbablyMonsters
ProbablyMonsters is a game development company building independent studios for original titles. Announced in 2019 after founding in 2016, it supports studios like Firewalk Studios and Cauldron Studios with shared services in operations, HR, finance, business development, tech, and QA. Each studio develops AAA projects under deals with major publishers.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$944M (Sep 2021)
ProbablyMonsters Valuation
ProbablyMonsters is currently valued at $944M, based on its Series A in September 2021.
The $200M round was led by LKCM Headwater.
ProbablyMonsters valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2021 | Series A | $944M |
ProbablyMonsters Funding History
ProbablyMonsters has raised a total of $219M across 2 funding rounds.
ProbablyMonsters' first fundraising round was a $19M Series A in October 2019. The most recent completed round was a $200M Series A in September 2021.
ProbablyMonsters funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2021 | Series A | LKCM Headwater (lead) | $200M | $944M | ProbablyMonsters is an independent video game company founded in 2016 by Harold Ryan, former president and CEO of Bungie, with the mission of creating a business that gives its developers full creative freedom. The company operates multiple AAA game studios, including Firewalk (developing a multiplayer title with Sony Interactive Entertainment as exclusive publisher), Cauldron (developing a single-player adventure game), and an unnamed RPG-focused studio working on an open-world co-op game. The company's development teams have collectively worked on more than 70 major titles across the industry. ProbablyMonsters closed its Series A funding round in fall 2021 for $200 million to $250 million, led by LKCM Headwater Investments. According to secondary market data, the Series A on September 1, 2021 had a post-money valuation of $944.31 million, with a price per share of $46.43. Other sources confirm the $200 million Series A raise in October 2021, described as the largest Series A round in game development history at that time. The proceeds were allocated toward expanding live operations and community features, financing three upcoming games, enhancing employee benefits, expanding long-term resources, and driving business and headcount growth. |
| Oct 2019 | Series A | Jerry Jones (lead); David Oxford; Luther King Capital Management; Goff Capital | $19M | - | ProbablyMonsters is a Bellevue, Washington-based independent game company founded in 2016 by Harold Ryan, focusing on creating and supporting AAA video game studios including FireWalk Studios, Cauldron Studios, and a third unnamed studio developing multiplayer, single-player adventure, and role-playing titles. The company raised an $18.8 million seed round in 2019 with participation from Dallas Cowboys owner Jerry Jones, former Activision Blizzard executive VP David Oxford, Goff Capital, and others including Luther King Capital Management connections. This seed funding supported early operations as a gaming studio incubator. Following the 2019 seed, ProbablyMonsters secured a massive $200 million Series A round in October 2021 led by LKCM Headwater Investments, described as potentially the largest Series A in gaming history, to accelerate growth, invest in employees, and expand studios. The company had grown to 230 employees by 2021, planning to reach 300 by year-end, with average annual growth of 50% since 2019. FireWalk Studios entered an exclusive publishing partnership with Sony Interactive Entertainment for its debut multiplayer title. A recent 409A valuation implies a $1.0B company value as of January 2026, reflecting ongoing development of titles like Storm Lancers and Ire: A Prologue. |
Who has invested in ProbablyMonsters?
5 investors have backed ProbablyMonsters across its funding rounds, including Goff Capital, Luther King Capital Management, LKCM Headwater, Jerry Jones and David Oxford.
Lead investors include LKCM Headwater and Jerry Jones.
ProbablyMonsters Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Sep 2021 | ||
| -- | 1 | Participant | Oct 2019 | |
| 1 | Participant | Oct 2019 | ||
This data is available for Pro users. Sign up to see all 5 ProbablyMonsters 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 TrialProbablyMonsters Competitors
ProbablyMonsters competitors include listed companies like Alpha and ProSiebenSat.1 Media, and private ones like Kabam, FromSoftware, Skybound Entertainment and Caffeine.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | $148M | - | $870M | 5.9x | ||
| Private | $64M | - | $651M | - | ||
| Private | - | - | $600M | - | ||
| Publicly listed | $369M | $28M | $1.9B | - | ||
| Publicly listed | $4.2B | ($22M) | $938M | 0.6x |
ProbablyMonsters Public Comps
ProbablyMonsters is still privately-owned, but its public comps include ProSiebenSat.1 Media, JYP Entertainment, China Television Media, Shochiku, Angel Studios, Saregama India, Sinclair, Xun You Network, Ubisoft and Playtika.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.2B | ($22M) | 0.6x | 0.6x | (118.4x) | 5.8x | |||
| $598M | $175M | 1.1x | 1.1x | 3.8x | 5.4x | |||
| $155M | $9M | 5.8x | - | 97.8x | - | |||
| $632M | $80M | 2.0x | 2.1x | 16.2x | 19.4x | |||
| $322M | ($149M) | 2.9x | 2.1x | (6.3x) | (17.7x) | |||
| $100M | $36M | 9.7x | 8.6x | 26.8x | 24.6x | |||
| $3.2B | $491M | 1.4x | 1.3x | 9.2x | 6.7x | |||
| $43M | $4M | 21.0x | - | 214.7x | - | |||
This data is available for Pro users. Sign up to see all ProbablyMonsters competitors and their valuation data. Start Free Trial | ||||||||
Common questions about ProbablyMonsters
| When was ProbablyMonsters founded? | ProbablyMonsters was founded in 2016. |
| Where is ProbablyMonsters headquartered? | ProbablyMonsters is headquartered in Seattle, WA, United States. |
| Is ProbablyMonsters publicly listed? | No, ProbablyMonsters is a private, VC-backed company. |
| What is ProbablyMonsters' valuation? | ProbablyMonsters was last valued at $944M in its Series A in September 2021. |
| How much funding has ProbablyMonsters raised? | ProbablyMonsters has raised $219M across 2 funding rounds. |
| What was ProbablyMonsters' last funding round? | ProbablyMonsters' last funding round was a $200M Series A in September 2021, led by LKCM Headwater. |
| Who are ProbablyMonsters' investors? | ProbablyMonsters' investors include LKCM Headwater, David Oxford, Luther King Capital Management, Goff Capital and Jerry Jones. |
| Which companies are comparable to ProbablyMonsters? | Companies comparable to ProbablyMonsters include Kabam, FromSoftware, Skybound Entertainment, Caffeine, Alpha and ProSiebenSat.1 Media. |
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