Frost Giant Studios, an independent game studio working on a highly-anticipated real-time strategy (RTS) title, has completed a $25 million Series A financing round.
The money will be used to hire more staff, expand its headquarters, and purchase game-changing technology upgrades to develop its first real-time strategy title. Frost Giant aims to debut its first game in 2022.
Kakao Games, a South Korean game developer and publisher, led the investment round. Also participated in the round were existing investors Bitkraft Ventures, Riot Games, and Global Founders Capital. In addition, Gaingels and Mantis Venture Capital became new investors.
The Frost Giant Studios Series A is one of Korea’s largest foreign investments in a western company to date. The lion’s share of the Series A funding came from Kakao Games, which put up $20 million of the $25 million raised.
“We are grateful to Kakao Games and our other investors who share our vision for the future of the real-time strategy genre,” said Tim Morten, CEO and production director at Frost Giant Studios. “We plan to stay true to our roots and give RTS players the competitive experience they’ve been waiting for while also looking for ways to innovate and welcome first-time players to our universe.”
Tim Morten and Tim Campbell, both industry veterans, launched Frost Giant Studios in southern California in 2020. The two were responsible for some of the most renowned and best-selling PC games of all time, including WarCraft III and StarCraft II.
“The team at Frost Giant Studio have already proven they have strong development capabilities, creating beloved RTS hits in the global market in the past,” said Kakao Games CEO Kyehyun Cho. “We look forward to seeing them present their first game as a studio and will actively work together to showcase good work through our close partnership.”
“We formed Frost Giant Studios to build an epic real-time strategy game that will appeal to players around the world,” said Tim Campbell, president and game director at Frost Giant Studios. “This funding empowers us to explore new possibilities through cooperative play, and we can’t wait to welcome all kinds of players to our game–from pro gamers and talented mapmakers to the players who just want something fun to enjoy with their friends.”
In October 2020, Frost Giant Studios announced $4.7 million in seed financing, followed by an additional $5 million in March 2021, bringing the total sum to $34.7 million. Previous investors include GC Tracker, 1Up Ventures, Griffin Gaming Partners, Jared Smith (RXBar co-founder), Kona Venture Partners, and entrepreneur Eden Chen.
In other news, a new Icelandic startup Rocky Road has announced that it has raised $2.5 million in seed funding to create its first mobile casual MMO title.
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