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

ProbablyMonsters Overview

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

United StatesSeattle, WA

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

ProbablyMonsters valuation by funding round
DateStageValuation
Sep 2021Series 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

ProbablyMonsters funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2021Series ALKCM Headwater (lead)$200M$944MProbablyMonsters 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 2019Series AJerry 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

Investors in ProbablyMonsters by funding rounds participated
InvestorHQRoundsRoleFirst check
LKCM HeadwaterUnited StatesFort Worth, TX1LeadSep 2021
David Oxford--1ParticipantOct 2019
Luther King Capital ManagementUnited StatesFort Worth, TX1ParticipantOct 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 Trial

ProbablyMonsters Competitors

ProbablyMonsters competitors include listed companies like Alpha and ProSiebenSat.1 Media, and private ones like Kabam, FromSoftware, Skybound Entertainment and Caffeine.

Public and private companies comparable to ProbablyMonsters
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
KabamUnited StatesSan Francisco, CAPrivate--$1B-
FromSoftwareJapanTokyoPrivate$148M-$870M5.9x
Skybound EntertainmentUnited StatesLos Angeles, CAPrivate$64M-$651M-
CaffeineUnited StatesSan Francisco, CAPrivate--$600M-
AlphaChinaChinaPublicly listed$369M$28M$1.9B-
ProSiebenSat.1 MediaGermanyGermanyPublicly listed$4.2B($22M)$938M0.6x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
ProSiebenSat.1 Media$4.2B($22M)0.6x0.6x(118.4x)5.8x
JYP Entertainment$598M$175M1.1x1.1x3.8x5.4x
China Television Media$155M$9M5.8x-97.8x-
Shochiku$632M$80M2.0x2.1x16.2x19.4x
Angel Studios$322M($149M)2.9x2.1x(6.3x)(17.7x)
Saregama India$100M$36M9.7x8.6x26.8x24.6x
Sinclair$3.2B$491M1.4x1.3x9.2x6.7x
Xun You Network$43M$4M21.0x-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.

See companies similar to ProbablyMonsters

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial