Not bad considering the market.
Maker's Fund 4 closed at 250 million dollars, taking the firm's assets under management to 1.5 billion dollars.
So this is the current sequence, 200 million in April 2018, 260 million in January 2020, 500 million in March 2022, 250 million now. Until this funding there was a steady growth.
This should be evaluated differently, the number sits in a games funding market that has spent four years contracting. Makers Fund reports returning 3.6 times its invested capital, with the Dream Games position from early investment through exit doing a lot of that work. The Turkish developer was valued near 5 billion dollars last year after CVC's strategic investment.
What they've hit
Beyond Dream Games, their current portfolio includes FaceIt before Savvy Gaming Group bought it in 2022, and Voldex, which is among the largest publishers on Roblox.
The 2022 funded mostly between 5 and 10 million, and reserved a large share for later.
The definition keeps widening
Fund 4 aims for consumer apps, entertainment and creation platforms.
Recent positions show what that means in practice. PixAI is a generative AI platform and Medal.tv is a game clipping service, also backer at General Intuition.
There is a good amount of diversification option. Truth be told, Makers has been drifting this way since 2022, previous pitch already covered social networks, platforms and creator tools.
What they say about it
"Makers was founded on the belief that creators are the constant, even as the landscape shifts around them," said general partner Jay Chi. "Fund 4 is that belief, doubled down. Today's founders are navigating new user behaviours, new distribution models, and a wave of fresh technology, and we think it's a powerful moment to back the companies that will define the next era."
Michael Cheung stated "The industry keeps evolving, and so will we. Equity, project financing, marketing financing, whatever it takes to help our founders build generational companies, that's the partner we want to be."
That list is the interesting part. Equity is what a VC does. Project financing and marketing financing are publisher functions. A fund offering all three is positioning itself somewhere between investor and publisher, which is a reasonable response to a market where studios can raise money but struggle to reach players.
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