Makers Fund Raises $250M for Game and Interactive Entertainment Startups

Makers Fund has raised $250 million for a new investment vehicle focused on game and interactive entertainment startups, lifting its total assets under management to $1.5 billion. The venture firm said the new fund will target creators working across games, consumer apps, entertainment, and creation platforms, as investors continue to look for growth around user-generated content, AI tools, and new distribution models.

Founded in 2016, Makers Fund started with a $180 million first fund and says it has since returned 3.6 times its invested capital. One of its best-known bets was Dream Games, the Turkish mobile studio behind Royal Match. Dream Games was valued at nearly $5 billion last year after a strategic investment from CVC.

This latest raise follows Makers Fund's $500 million fund in 2022, which was described as a record round for the firm at the time. For its fourth fund, the company said it wants to back "leading interactive entertainment creators," a phrase that reflects how broadly the games business now overlaps with adjacent digital sectors.

That shift is visible in the firm's portfolio. Makers Fund previously invested in FaceIt before Savvy Gaming Group acquired the esports platform in 2022. It also backed Voldex, which has grown into one of the largest publishers on Roblox, a sign of how large-scale game businesses are increasingly being built inside creator-led ecosystems rather than through traditional premium releases alone.

Beyond games, the firm has put money into companies tied to the wider interactive entertainment market. Those include generative AI platform PixAI and clipping platform Medal.tv, which also supports AI research lab General Intuition. The mix suggests Makers is positioning itself around both player-facing experiences and the tools, services, and creative infrastructure that sit behind them.

General partner Jay Chi framed the new fund as a continuation of the firm's original thesis. "Makers was founded on the belief that creators are the constant, even as the landscape shifts around them," Chi said. He added, "Fund 4 is that belief, doubled down. Today's founders are navigating new user behaviours, new distribution models, and a wave of fresh technology, and we think it's a powerful moment to back the companies that will define the next era."

General partner Michael Cheung said the firm's role is expanding alongside the market. "The industry keeps evolving, and so will we. Equity, project financing, marketing financing, whatever it takes to help our founders build generational companies, that's the partner we want to be."

For game startups, that matters because capital in 2025 is no longer just about writing an early check. Firms are increasingly offering specialized financing across development, publishing, and user acquisition, especially as studios and platforms face higher costs and more fragmented audiences. Makers Fund's new raise puts more money behind that approach, with a clear focus on the parts of interactive entertainment where games, creator platforms, and AI-driven products are starting to overlap.