Bait! Developer Resolution Games Secures $7.5 million in Series B Funding Round
The studio is now valued at $87.5 million.
Virtual reality (VR) and augmented reality (AR) videogame company Resolution Games has seen success through its Bait! and other immersive franchises. Today, the company has announced the completion of a new funding round, enabling it to continue VR and AR development.
Resolution Games, closed a $7.5 million series B round of funding led by MizMaa Ventures, valuing the company at $87.5 million. The round included new investors from venture capital firms GP Bullhound and Fly Forever, as well as David Helgason, the founder of Unity. Prior round investors GV,Partech, Bonnier Ventures, Creandum and Sisu Game Ventures also participated in the round.
“We’re very excited to have these high-caliber thought leaders join our team, and to see the continued support from our current investors,” said Tommy Palm, CEO and co-founder of Resolution Games in a statement. “With this group behind us, we can work towards scaling and being better prepared to take advantage of the maturing market.”
The studio has produced the highly popular VR title Bait!, alongside sequel Bait! Arctic Open and upcoming AR title Bait! Under the Surface. The company also recently launched its first app for the Magic Leap One Creators Edition, Angry Birds FPS: First Person Slingshot.
“The Resolution Games team is taking the lead in innovation for VR and AR games. Their team’s background, market leadership position and ability to innovate in the space is unmatched. We are thrilled to be joining their team as they set out to establish even more standards for the VR and AR games markets,” said Catherine K.C. Leung, co-founder and general partner of MizMaa Ventures.
“Every one of our investors shares our incredible enthusiasm about the future of visual computing. With the amount of interest we’re seeing from the industry around our titles, coupled with the exciting new platforms like the Oculus Quest coming to market, we foresee larger volumes of players and a viable multiplayer market. Needless to say, these are exciting times,” added Palm.
This latest investment brings the company’s total funding comes to $13.5 million. As Resolution Games continues to expand, VRFocus will keep you updated.