Josh Chapman

🌍 Europe (YTD 2025): gaming VC funding in Europe is ~$114m YTD and 79% ($90m) is in content vs 21% ($24m) in tech/platforms. - Seed and Series A make up $102m (90%) of all funding - Content is the main focus, especially in mobileBiggest raises in 2025 in Europe YTD have been Slingshot DAO ($16m), Amplitude Studios ($13.6m), Pixion Games ($12.4m), OpusMajor ($10m), and Midnite ($10m).

🌎 US vs China - there is effectively zero VC funding happening in China in the gaming market. (see the attached chart for more data over the past 5 years) 2025: - US: $243m in funding, 50 deals- China: $0 in funding, 1 deal (value undisclosed)There is no sign of this trend changing any time soon.

🎮 Gaming VC funding: $193m in Q2'25 globally (lowest in 5 years). This is a 47% decline from Q1'25 and a 62% decline from $511m in Q2'24. This was invested across only 60 deals (globally), which was a 31% decline from Q1'25 and a 54% decline from the 132 deals in Q2'24. ➡️ A few reflections: - there are fewer active gaming investors today than 2-3 years ago- there are also fewer new companies being started in gaming - VC investments are concentrated in AI, a headwind to gaming deals- the gaming market is growing but also consolidating (well known)As we look ahead at the 2H of 2025, I believe we will continue to see fewer new companies launched (poor fundraising environment, low valuations, etc) but many of the deals that do get done will be over-subscribed rounds as investors […]