15 gaming investors pushing San Francisco startups in 2026

San Francisco gaming companies raised $4.8B across 320 deals in 2025. That's down from the 2021 peak but still double what Austin or LA raised. Most capital went to live service platforms, user-generated content tools, and blockchain gaming infrastructure. Traditional premium game studios struggled unless they had proven hit franchises.

Quick list

Why San Francisco for gaming fundraising

San Francisco has 40+ active gaming investors. That's more specialized gaming capital than LA, even though LA has more game studios. Average Series A for a game studio is $15M, but platform and infrastructure companies raise $20-30M. You'll find the most capital for live service games, UGC platforms, and gaming infrastructure rather than single-player premium titles.

The ecosystem is mature but changing. Zynga's exit to Take-Two showed mobile gaming economics work. Roblox's $45B IPO validated UGC platforms. Discord's $15B valuation proved gaming-adjacent tools can scale. Now every investor wants "the next Roblox" which makes life hard if you're building something different.

Most SF gaming investors want to see retention metrics before Series A. DAU/MAU ratio matters more than revenue. They'll fund pre-launch if you're an experienced team from Riot, Blizzard, or similar, but first-time founders need traction. The bar is 100K+ MAU with 40%+ day-30 retention for mobile, or 50K+ concurrent users for PC/console.

Picking the right San Francisco gaming investor

Local presence matters less for gaming than other sectors. Many gaming investors split time between SF and LA. What matters is whether they understand your platform and business model. Don't pitch a mobile investor with a PC game or vice versa. Be careful because presentations are often reused, forwarded, and stored beyond their original purpose.

Portfolio companies reveal their real expertise. Some "gaming investors" have only backed gaming infrastructure and platforms. They've never funded actual game studios. Others only do mobile or only do PC. Check their last 10 deals. If they haven't backed a studio building on your platform in 3+ years, skip them.

Check sizes for gaming vary wildly by type. Game studios need $5-15M for Series A. Platforms and infrastructure companies raise $15-30M. Single-player premium studios struggle to raise above $10M unless the team has shipped hits before.

Sector focus within gaming is critical. Mobile free-to-play investors apply different metrics than PC premium game investors. Web3 gaming funds want tokenomics models. UGC platform investors care about creator retention. Make sure you're speaking the same language. Upload your deck to Ellty and track which slides gaming investors focus on. Mobile investors spend time on LTV/CAC. PC investors focus on Steam wishlists and community engagement. You'll see the difference in viewing patterns.

Follow-on capacity matters for multi-game studios. If you're building a studio not just one game, you'll need $50M+ over time. Check if your seed investor can lead your Series B or if you'll need to find new capital after launch. Secure sharing balances accessibility with responsibility.

How to approach San Francisco gaming investors

Research recent deals by checking GamesBeat, PocketGamer.biz, and VentureBeat gaming coverage. If a fund hasn't been mentioned in gaming press for 6+ months, they've probably shifted focus. The gaming investor landscape changes fast.

Leverage the ecosystem through GDC (Game Developers Conference), which happens in SF every March. About 50% of SF gaming deals have GDC connections. If you're not exhibiting or attending, you're missing the main networking opportunity of the year.

Build relationships first works better in gaming than other tech sectors. Gaming investors want to see your game at multiple stages of development. They'll meet you at prototype, check in at alpha, and invest at beta. Don't expect funding from one meeting.

Share your pitch deck through Ellty with gameplay videos embedded in slides 2-3. Gaming investors won't read 30 slides of market analysis. They want to see your game in action immediately. Track which gameplay clips get the most replays.

Attend local events like GDC, GamesBeat Summit, and SF Game Developers meetups at PariSoma. Those are where deals happen. Skip general tech events. Gaming investors don't attend TechCrunch Disrupt.

Connect with portfolio founders at studios like Theorycraft, Mountaintop, or Phoenix Labs. They'll tell you which investors actually understand game development timelines and which ones apply SaaS metrics to games incorrectly.

Organize due diligence materials in an Ellty data room with your GDD (game design document), technical architecture, and analytics dashboard screenshots. Gaming investors want to see cohort analysis, not just vanity metrics.

Understand local pace means 8-12 weeks for gaming deals. Investors need time to play your game, watch analytics over multiple weeks, and understand retention curves. Anyone who commits after one demo hasn't done proper diligence.

San Francisco gaming investment landscape in 2026

SF gaming investors expect playable builds, not concept art and prototypes. For mobile games, you need 100K+ installs with proven unit economics before Series A. For PC/console, you need 50K+ wishlists on Steam or equivalent platform signals. Premium single-player games need a studio with shipped titles already.

Live service games face higher bars. Investors want 6+ months of live ops data showing you can retain players and monetize effectively. Launch metrics don't matter if month-6 retention falls off a cliff. Web3 gaming has mostly died in SF. About $180M was raised for blockchain games in 2025, down from $1.2B in 2022. Unless you have a working economy without crypto-native users, you won't get funded. The "play to earn" model is dead. Apple's App Store restrictions killed most mobile Web3 gaming plans.

15 top gaming investors in San Francisco

1. Andreessen Horowitz

Backed Roblox early and rode it to $45B. Still writing large checks for gaming platforms and UGC tools.

• Recent Deals: Roblox (follow-on in 2025), Ready Player Me ($56M Series B, 2024), Theorycraft (follow-on in 2025)
• LinkedIn: Andrew Chen
• Sector Focus: Gaming platforms, UGC tools, social gaming, metaverse
• Stage Focus: Series A through growth
• Office Location: 2865 Sand Hill Rd, Menlo Park, CA
• Website: a16z.com

2. Galaxy Interactive

Pure-play interactive content fund. Backed Sandbox, Mythical Games, and Discord.

• Recent Deals: Sandbox ($93M Series B, 2024), Mythical Games (follow-on in 2025), Phoenix Labs ($55M Series C, 2025)
• LinkedIn: Richard Kim
• Sector Focus: Game studios, gaming platforms, esports, blockchain gaming
• Stage Focus: Series A through growth
• Office Location: 2 Embarcadero Center, San Francisco, CA
• Website: galaxyinteractive.io

3. Makers Fund

Gaming specialist fund from SF. Early in Discord, Manticore Games, and Sandbox.

• Recent Deals: Discord (follow-on in 2025), Manticore Games ($15M Series A, 2024), Singularity 6 (follow-on in 2025)
• LinkedIn: Michael Cheung
• Sector Focus: Game studios, UGC platforms, social gaming, game engines
• Stage Focus: Seed through Series B
• Office Location: 156 2nd St, San Francisco, CA
• Website: makersfund.com

4. Bitkraft Ventures

Gaming and esports specialist. Backed Forte, Discord, and Overwolf before pivoting from Web3.

• Recent Deals: Forte ($185M Series B, 2024), Overwolf ($75M Series C, 2025), Pragma ($22M Series A, 2025)
• LinkedIn: Jens Hilgers
• Sector Focus: Gaming infrastructure, platforms, mod tools, formerly blockchain gaming
• Stage Focus: Series A through growth
• Office Location: 548 Market St, San Francisco, CA
• Website: bitkraft.vc

5. Griffin Gaming Partners

Newer gaming fund backing experienced studio teams. Led Theorycraft's Series A from ex-Riot founders.

• Recent Deals: Theorycraft Games ($37.5M Series A, 2024), Phoenix Labs (follow-on in 2025), Mountaintop Studios (follow-on in 2025)
• LinkedIn: Nick Tuosto
• Sector Focus: PC/console game studios, competitive gaming, live service games
• Stage Focus: Series A through Series C
• Office Location: 3000 Sand Hill Rd, Menlo Park, CA
• Website: griffingp.com

6. Lightspeed Venture Partners

Backed Epic Games before Fortnite. Still active in gaming platforms and studios.

• Recent Deals: Epic Games (follow-on in 2025), Tripledot Studios ($116M Series A, 2024), Scopely (follow-on in 2025)
• LinkedIn: Jeremy Liew
• Sector Focus: Game studios, gaming platforms, mobile gaming, UGC tools
• Stage Focus: Series A through growth
• Office Location: 2200 Sand Hill Rd, Menlo Park, CA
• Website: lsvp.com

7. Initial Capital

SF seed fund with gaming expertise. Backed Roblox in early growth rounds before mainstream.

• Recent Deals: Roblox (early growth investor), Mountaintop Studios ($5.5M seed, 2024), Theorycraft (seed investor)
• LinkedIn: Garry Tan
• Sector Focus: Game studios, gaming platforms, developer tools
• Stage Focus: Seed, Series A
• Office Location: 150 Post St, San Francisco, CA
• Website: initialcapital.com

8. Play Ventures

Gaming-focused fund from SF. Backs mobile and PC studios with proven teams.

• Recent Deals: SuperGaming ($5.5M Series A, 2024), Mighty Bear Games ($10M Series A, 2025), Frost Giant Studios (follow-on in 2025)
• LinkedIn: Henric Suuronen
• Sector Focus: Mobile gaming, PC studios, live service games
• Stage Focus: Seed through Series B
• Office Location: 201 Spear St, San Francisco, CA
• Website: play.vc

9. 1Up Ventures

Pure-play gaming fund backing experienced teams. Early in Mountaintop and Phoenix Labs.

• Recent Deals: Mountaintop Studios ($5.5M seed, 2024), Phoenix Labs (follow-on in 2025), Singularity 6 ($30M Series B, 2024)
• LinkedIn: Ed Fries
• Sector Focus: PC/console studios, multiplayer games, live service
• Stage Focus: Seed through Series B
• Office Location: 575 Market St, San Francisco, CA
• Website: 1up.vc

10. Transcend Fund

Gaming and media fund. Backed Hypixel Studios before Riot Games acquisition.

• Recent Deals: Hypixel Studios (pre-acquisition), Proletariat ($20M Series C, 2024), Theorycraft (follow-on in 2025)
• LinkedIn: Nick Beim
• Sector Focus: Game studios, gaming platforms, esports
• Stage Focus: Series A through Series C
• Office Location: 388 Market St, San Francisco, CA
• Website: transcend.vc

11. London Venture Partners

Gaming specialist with SF office. Backed Wildlife Studios and Scopely growth rounds.

• Recent Deals: Wildlife Studios ($60M growth, 2025), Scopely (follow-on in 2024), Seriously Digital ($50M Series C, 2025)
• LinkedIn: David Gardner
• Sector Focus: Mobile gaming, casual games, live service
• Stage Focus: Series B through growth
• Office Location: 595 Market St, San Francisco, CA
• Website: lvp.vc

12. Hiro Capital

Gaming and metaverse fund. Invested in Niantic and Improbable follow-on rounds.

• Recent Deals: Niantic (follow-on in 2025), Improbable (follow-on in 2024), Hadean ($30M Series A, 2025)
• LinkedIn: Ian Livingstone
• Sector Focus: Metaverse, cloud gaming, AR gaming platforms
• Stage Focus: Series A through growth
• Office Location: 160 Spear St, San Francisco, CA
• Website: hiro.capital

13. BITKRAFT Esports Ventures

Originally esports-focused, now backing gaming infrastructure after FTX collapse.

• Recent Deals: Pragma ($22M Series A, 2025), Anzu ($20M Series B, 2024), Maincard ($10M Series A, 2025)
• LinkedIn: Moritz Baier-Lentz
• Sector Focus: Gaming infrastructure, backend services, in-game advertising
• Stage Focus: Series A through Series C
• Office Location: 201 Mission St, San Francisco, CA
• Website: bitkraft.vc

14. Konvoy Ventures

Gaming infrastructure specialist. Backs backend services, engines, and platforms.

• Recent Deals: Pragma ($22M Series A, 2025), Strivr ($30M Series B, 2024), Maincard (follow-on in 2025)
• LinkedIn: Josh Chapman
• Sector Focus: Gaming infrastructure, backend services, platforms
• Stage Focus: Seed through Series B
• Office Location: 123 Mission St, San Francisco, CA
• Website: konvoyvp.com

15. Sapphire Sport

Sports and gaming crossover fund. Invested in FaZe Clan and gaming creator economy.

• Recent Deals: FaZe Clan (pre-SPAC, 2024), Overtime ($80M Series C, 2025), GameSquare ($10M growth, 2025)
• LinkedIn: Michael Spirito
• Sector Focus: Esports, gaming creators, sports gaming crossover
• Stage Focus: Series B through growth
• Office Location: 101 California St, San Francisco, CA
• Website: sapphiresport.com

Start tracking your San Francisco gaming investor outreach

These 15 investors closed 110+ gaming deals in SF during 2025-2026. Before you start reaching out to gaming funds, set up proper tracking with gameplay videos embedded.

Upload your deck to Ellty and embed gameplay videos in your first 3 slides. Create a unique link for each investor so you can see who actually watches your gameplay versus who just skims. SF gaming investors won't fund you without seeing your game in action, so tracking video engagement matters more than slide views.

When SF gaming investors ask for analytics and retention data, share an Ellty data room with your cohort analysis, LTV calculations, and retention curves. Your GDD, technical roadmap, and analytics dashboard screenshots in one secure place with view tracking.

Common questions

Do I need a launched game to raise gaming funding in SF?

Not if you're an experienced team. Ex-Riot, Blizzard, or similar founders can raise on prototypes. First-time founders need 100K+ users for mobile or 50K+ Steam wishlists for PC before Series A.

How does SF compare to LA for gaming fundraising?

SF has more infrastructure and platform capital. LA has more studio-focused investors and publisher connections. If you're building a game studio, both work. If you're building game engine tools or platforms, SF is better.

What's the average gaming Series A size in San Francisco?

$15M for game studios. $20-30M for platforms and infrastructure companies. Single-player premium studios rarely raise above $10M unless the team has shipped AAA hits.

Should I build for mobile, PC, or console first?

Mobile has the most investor interest but highest competition. PC is easier to show traction with Steam wishlists. Console is hardest to fund at seed stage. Most SF investors want to see mobile or PC first, then console ports later.

Do SF gaming investors expect playable demos?

Always. Concept art and GDDs won't get funded. You need a playable build that shows your core loop and retention mechanics. For live service games, investors want to see 6+ months of retention data.

What gaming sectors get funded most in San Francisco?

UGC platforms and tools led 2025 with $1.2B raised. Live service multiplayer games raised $980M. Gaming infrastructure and backend services got $740M. Single-player premium games raised only $310M total.

How long does it take to close a gaming round in SF?

8-12 weeks on average. Gaming investors need time to play your game, watch analytics over weeks, and understand retention curves. Hot deals with experienced teams close in 4-6 weeks. First-time founders take 12-16 weeks.