How a 5-person crew raised $30 million for their gaming business
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In a bold move, five friends, including Irem Sumer, a civil engineer by training, quit their jobs to pursue their passion for gaming. Now, they've achieved a remarkable feat, raising $30 million in Series A funding led by A16z. But here's where it gets controversial...
Sumer and her team built 'Match Valley,' a puzzle game, and their success didn't come without challenges. The journey began with a seed funding round last February, where they raised $7 million to bring their game to market. However, the real test was yet to come.
On October 3, Sumer secured a term sheet that raised $30 million in Series A funding for her Istanbul-based game company, Talemonster Games. Less than 24 hours later, she tied the knot, adding a personal milestone to this professional triumph.
The funding round was led by Arcadia Gaming Partners and Andreessen Horowitz, with participation from Point72 Ventures and General Catalyst. This significant investment will fuel the expansion of 'Match Valley' and support the development of a new game this year.
Sumer's team played 'hundreds of games' during their initial market research, building 'Match Valley' together and pulling 18-hour shifts to create its levels. The game, inspired by 'Candy Crush,' features puzzle-solving mechanics, tower defense elements, and unique hero characters.
However, success came with its own set of challenges. After launching in August, the team faced a rapid decline in player engagement, prompting them to halt progress and focus on building more levels. Sumer even took on level design herself to ensure the game's quality.
'Match Valley's' current engagement metrics played a crucial role in convincing investors of the startup's potential. The game's core audience, predominantly female, spends an impressive one and a half hours on average per session.
The team's strategy for attracting investors was equally unconventional. Sumer slid into the LinkedIn DMs of investor Josh Lu and his team at A16z Speedrun after seeing a post about their interest in interesting games. This direct approach paid off, and Lu fell in love with their prototype.
In a press release, Lu praised Sumer and her team for their unwavering commitment to excellence, stating, 'They've built an original product and a culture that isn't afraid to challenge the industry.'
The $30 million funding will be utilized to expand 'Match Valley' and develop a new game. With 32 staff members across various departments, Talemonster is poised for growth. Sumer's lean and high-responsibility team approach ensures a focused and efficient workflow.
For aspiring gaming startup founders, Sumer offers three key pieces of advice: bravery, the importance of choosing the right partners, and celebrating wins amidst the daily grind.
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