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Gaming VC activity settles into a new normal in Q1 | Pitchbook
In Q1, gaming VC activity may have finally settled into a new normal — though it's a leaner, more selective market, PitchBook said.
Deal count in Q1 was the lowest quarterly figure since Q2 2019, underscoring that investors are increasingly discerning as the industry awaits the next platform shift, focusing on distribution innovation in the interim while grappling with the lack of breakout hits from exuberant funding between 2021 and 2022. Platforms that have leaned into digitization—for example, Microsoft’s Game Pass for Xbox and Hasbro’s licensing of Monopoly IP—continue to have a hedge against exogenous shocks, like tariffs, by lessening their dependence on global supply chains, demand volatility, and manufacturing. PitchBook’s summary of Q1 game deals.PitchBook’s 2025 US Venture Capital Outlook noted that exit activity is top-heavy, concentratedamong only two deals—CoreWeave’s IPO and Google’s acquisition of Wiz—which accounted foran outsized portion of liquidity.
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