Splitgate Developer 1047 Games Lands $100 Million in Funding Round on $1.5 Billion Valuation Led by Lightspeed Venture Partners

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  • Press Release

    Splitgate Developer 1047 Games Lands $100 Million in Funding Round on $1.5 Billion Valuation Led by Lightspeed Venture Partners

    – 1047 Games’ meteoric summer sees third round of funding in three months totaling more than $120 million on the heels of online shooter Splitgate’s rise to the mainstream –

    Zephyr Cove, NV – September 14th, 2021 — 1047 Games announced the company has closed an additional round of funding totaling $100 million at a pre-money valuation of $1.5 billion valuation with Lightspeed Venture Partners as its lead investor alongside New York-based global private equity and venture capital firm Insight Partners, Anthos Capital, and earlier seed round investors Galaxy Interactive, VGames, Human Capital, Lakestar, DraperDragon, and Draper University. Since its open beta earlier this summer, 1047 Games’ online shooter Splitgate has seen a rapid rise in player adoption across PC, PlayStation and Xbox consoles with more than 13 million downloads for the free-to-play game in less than two months. 

    Splitgate captures a unique position in the interactive entertainment space, harnessing the fast-paced multiplayer gameplay of classic arena shooters and combining it with the unique mechanic of portals, allowing players to compete with other players online in ways exclusive only to Splitgate. 

    “In gaming, Lightspeed focuses on founders that have a bold vision for innovation and the determination to build the next generational platform.” said Amy Wu, partner at Lightspeed Venture Partners. “We found that with Ian and Nick. They’ve done so much with minimal funding, and we’re excited to see what they can do with more firepower. We’re proud to be assisting them as they take their brand to the next level.”

    The funding enables 1047 Games to build out its complete vision for Splitgate as a top-tier, AAA competitive shooter and begin to implement the studio’s larger vision for establishing itself as a leading creative force of distinct and inventive IP in the gaming space. The studio’s long-term vision is to usher in an era of ‘new’ classic games, pioneering in genres where innovation has currently stalled by providing transformative new takes in well-known, globally-recognized gaming genres.

    The funding also enables the small studio to recruit the best talent in the industry, as they are actively hiring and aggressively ramping up.

    “Building on our core success with Splitgate is our main focus in the immediate future – we are rapidly scaling across all areas of our studio,” said CEO and 1047 Games Co-Founder Ian Proulx. “We are far from finished building out what we feel is the complete Splitgate experience for our loyal and dedicated fans. The funding secured from our partners, combined with the belief and support of our vision, enables us to focus on both our short-term growth needs, and more importantly, our long-term vision for 1047 Games as a premier driver of completely fresh gaming experiences for fans.” 

    “Insight is proud to be on board with the impressive team at 1047 Games,” said Jeff Horing, Co-Founder and Managing Director at Insight Partners. “The passion from the team and its creative drive to excel into a global producer of digital entertainment is impressive, and we’re thrilled to have them as one of our partners.”

    Currently in open beta, Splitgate has been hailed by international press as one of the hot games of summer 2021. The quick rise in player adoption and unprecedented funding rounds in just a short three months have created a whirlwind of buzz around 1047 Games and Splitgate, with appearances on premier game showcases at E3 and Gamescom events. 

    You can learn more by going to the game’s website at 1047games.com or following them on Twitter.

    About Lightspeed Venture Partners
    Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, and Health sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 400+ companies globally, including Snap, Affirm, Epic Games, MuleSoft, Guardant Health, and The Honest Company. Lightspeed and its affiliates currently manage $10.5B across the global Lightspeed platform, with investment professionals and advisors in Silicon Valley, Israel, India, China, Southeast Asia, and Europe. www.lsvp.com

    About Insight Partners
    Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.

    About Anthos Capital
    Anthos Capital is an investment partner to exceptional entrepreneurs building disruptive high-growth companies. Anthos provides companies with help, guidance, and support to accelerate their impact and trajectories. Founded in 2007, Anthos invests in the technology, gaming, consumer, healthcare, and financial sectors.

    About Galaxy Interactive
    Galaxy Interactive is a sector-focused VC fund dedicated to investing within the interactive entertainment ecosystem. As one of the most active gaming VCs in recent years, the fund has built a 60+ strong portfolio across the themes of interactive content, social, and infrastructure. Learn more at https://galaxyinteractive.io.

    About VGames
    VGames is a $60M Games fund based out of Tel Aviv investing in game companies globally. The fund invests in early and mid stage game companies, supporting talented founders in building the next generation of unicorn game companies.

    About Human Capital
    Human Capital is a venture firm that invests in and helps build engineering teams for engineering-centric startups. With more than $500 million in assets under management, they’ve invested in 10 unicorns before they were unicorns (including Brex, Livongo, and Snowflake) and placed engineers as early hires at 16 unicorns (including Anduril, Robinhood, and Grammarly). Learn more at https://human.capital/

    About Lakestar
    Lakestar is one of Europe’s leading venture capital firms investing in technology companies led by exceptional entrepreneurs. The team’s early investments include Skype, Spotify, Facebook and Airbnb. Lakestar now manages over EUR 1bn across three early stage funds and a growth fund, and has expanded and broadened its portfolio to hold investments in the likes of Opendoor, Oscar, Glovo, Sennder, Eigen and Revolut. Lakestar has presence in Berlin, Zurich and London. Learn more at www.lakestar.com

    About DraperDragon
    DraperDragon is an early-stage venture fund. Since 2006, we have been working with technology companies to build their products and expand market shares in North America and Asia. We are headquartered in Silicon Valley and have management and consulting offices in Shanghai, and Hong Kong. Learn more at http://draperdragon.com/home-en.

    About Draper University Ventures
    Draper University Ventures invests in alumni of Draper University, a leading Silicon Valley pre-accelerator led by venture capitalist Tim Draper. With alumni in over 100 countries, Draper University is on a mission to inspire people and accelerate ideas by igniting the entrepreneurial spirit. The university brings founders, operators, and venture capital all under one umbrella.