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Resolution Games Secures $25M Series C Funding, 'Demeo' Surpasses "multi-million dollars" in Revenue – Road to VR

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Resolution Games, the studio behind popular multiplayer VR titles Demeo (2021) and Blaston (2020), today announced it has secured a Series C funding round of $25 million. The Stockholm-based company says the investment will be used to bring “proper live games to the industry and expand their ability to innovate across both VR and AR platforms.”

The round was co-led by Qualcomm Ventures and BITKRAFT Ventures, followed by Knutsson Holdings. Previous investors to take part in the funding round include GV, MizMaa, GP Bullhound, Partech, Creandum, Initial Capital, Bonnier Ventures and Sisu Game Ventures. Including the current round, this brings the company’s total outside investment to $38.5 million.

Founded in 2015, Resolution Games has been responsible for some of the most well-known titles from the early days of consumer VR, including Bait! (2016), Wonderglade (2017), and Solitaire Jester (2015). The studio later set its sights on developing AR and VR games for Rovio’s iconic Angry Birds property, and original titles such as Demeo, a recently released dungeon crawler RPG, 1v1 dueling game Blaston, and multiplayer cooking game Cook-Out: A Sandwich Tale (2020) among others.

No doubt a significant contributing factor: Resolution announced that Demeo has already surpassed the multi-million dollar mark in revenue and has “blown away records for time spent, retention and more.”

Resolution says it’s going to continue its focus on creating these sorts of multiplayer titles, or what the studio calls “live games,” which highlights the social element of direct user interaction and cooperation. The studio says the funding will allow them to continue development on existing titles in addition to creating more live games.

“Six years ago, Resolution Games was one of the first studios focused on VR and AR. We’ve learned a lot, worked in a time with limited technology, survived a small market, and have continued to think big-picture and long-term,” said Tommy Palm, CEO of Resolution Games. “We see vast potential in VR and that the market is maturing. We want to up the game and standard for quality to ensure VR users have the best possible experience, and that VR games not just meet – but surpass – the potential from what we’ve seen on other platforms like PC and console.”

Boaz Peer, Senior Investment Director of Europe and Israel at Qualcomm, will join the studio’s board of directors. Malte Barth, founding general partner of BITKRAFT Ventures, will be a board observer.

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