Makers Fund has closed its $250 million Fund IV, bringing the interactive entertainment venture capital firm’s total assets under management to approximately $1.5 billion. The new fund will invest in founders building the next generation of games, interactive entertainment, consumer applications, entertainment platforms and creation tools.
Founded in 2016, Makers Fund has built a portfolio of more than 90 companies and invests globally across stages, with teams in London, Reykjavik, Tokyo, Singapore, New York and Los Angeles.
The firm said its $180 million Fund I has distributed 3.6 times invested capital, which it says places the vehicle among the top 1% of venture funds globally.
Makers has maintained its focus on gaming and interactive entertainment even as parts of the venture industry reduced their exposure to the sector during the recent market cycle.
Fund IV will continue the firm’s strategy of making high-conviction investments and providing long-term support to founders across multiple stages of development.
One of Makers’ most prominent investments was Dream Games, where the firm was the first investor and ultimately became its largest shareholder.
Makers invested in every financing round from its initial check through Dream Games’ exit. The gaming company was reportedly acquired by CVC for $5 billion.
The firm’s portfolio also includes Voldex, which Makers initially backed at the seed stage and which has grown into a major publisher on Roblox.
Makers was also an early investor in FaceIt before its billion-dollar acquisition and led the first financing round for PixAI, a generative AI platform focused on anime fans.
Another major portfolio relationship involves Medal.tv and General Intuition.
Makers initially invested in Medal.tv at the seed stage and continued supporting the business as its technology became part of General Intuition, an AI research company pursuing frontier artificial intelligence development.
Theition’s recent financing, citing a $320 million raise in one section and a $133 million raise from Khosla Ventures and General Catalyst later in the release
Beyond traditional equity financing, Makers plans to remain flexible in how it supports portfolio companies.
The firm said it can consider structures including project financing and marketing financing depending on what founders need to build and scale their businesses.
Makers’ investment scope has also expanded beyond conventional video game studios.
The firm increasingly evaluates consumer products, platforms and services where entertainment is a central component of the user experience or where products address needs specific to gaming audiences.
Fund IV comes as interactive entertainment companies navigate changing consumer behavior, new distribution models and rapidly developing technologies including generative AI.
Makers believes those shifts are creating opportunities for a new generation of companies while increasing the value of investors with specialized knowledge of gaming economics, product development, distribution and audience acquisition.
The firm’s global footprint is designed to give it access to developers and creators across major gaming and technology markets while supporting portfolio companies as they expand internationally.
With Fund IV, Makers plans to continue backing companies from early development through later growth while maintaining its focus on founders building long-term businesses around interactive experiences.
“Makers was founded on the belief that creators are the constant, even as the landscape shifts around them. Fund IV is that belief, doubled down. Today’s founders are navigating new user behaviors, 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.”
Jay Chi, General Partner At Makers Fund
“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.”
Michael Cheung, General Partner At Makers Fund
