Gamefam has raised $25 million from a Series A funding round to develop and publish games on metaverse platforms, such as Roblox.
The round was led by Konvoy Ventures and featured participation from Play Ventures, Makers Fund, Bessemer Venture Partners, and Galaxy Interactive.
Since its founding in 2019, Gamefam has built upon its portfolio of Roblox games, including All-Star Tower Defense, Twilight Daycare, and Military Tycoon. Additionally, the company has also partnered with leading brands, such as the 24kGldn virtual concert later this week.
Gamefam has said that it has already used the funding to grow a 100-plus team of “Gen Z digital creators” and games industry veterans. Currently, the studio is looking to extend its partnerships to bring more brands into the metaverse.
Furthermore, Gamefam has stated that the Series A funding will allow the company to expand growth, partnerships, and revenue acceleration to “unlock the metaverse”.
Chasing the new media vertical
“Gamefam is a company started by creators to support creators,” said Gamefam CEO Joe Ferencz.
“We have been able to bring together experts from Triple-A gaming as well as some of Roblox’s top native talent to drive successful revenue growth for our games, create opportunities for brands, and build new franchises.”
Konvoy Ventures managing partner Josh Chapman added: “Gamefam is a leader in the UGC and metaverse gaming space. They continue to add incredible partners and creators, which is showing strong results in 15 months of consecutive financial growth.”
“Metaverse gaming platforms are a new media vertical for brands. Gamefam is at the forefront of building and monetizing mass audiences as they continue to deliver entertaining and social experiences for millions of players. We are thrilled to lead their Series A round and be in their corner for this journey.”
Earlier this month, Pokémon Go creator Niantic ramped up its metaverse approach with the acquisition of WebAR development platform 8th Wall.
