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Monday, February 26, 2024
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1047 Games Raises $100M, Valued at $1.5B

  • 1047 Games raised $100 million on Wednesday.
  • The video game developer is now valued at $1.5 billion.
1047 Games/Design: Alex Brooks

1047 Games, the video game developer behind hit F2P shooter “Splitgate,” raised $100 million on Wednesday, valuing the company at $1.5 billion. 

The round, led by Lightspeed Venture Partners, will allow the Nevada-based company to maintain its status as an independent studio and enhance its “Splitgate” title, which has been downloaded more than 10 million times since its open beta launch on consoles on July 27.  

“It’s not about throwing money at ‘Splitgate,’” CEO Ian Proulx told VentureBeat. “It’s more about hiring the right people and building the business so we can take it to the next level.”

1047 Games’ latest round of funding marks its third since May, bringing its four-month total to $116 million. The previous rounds included investments from Human Capital. 

Last year, the company saw investors withdraw their funding while “Splitgate” was early in beta due to some uncertainty in the gaming market fueled by the global pandemic.  

Now, with its latest round, 1047 Games can accelerate its plan to bring “Splitgate” to more platforms outside of PlayStation, Xbox, and PC.  

No timeline is in place for a formal “Splitgate” launch, but 1047 Games plans to release its full version when the company’s servers can handle a significant increase in player capacity.

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