Video-Game Developer ProbablyMonsters Raises $200 Million

ProbablyMonsters Inc., a game developer founded by former Bungie executive Harold Ryan, pulled off what it said is the largest first round of venture capital financing in the video-game industry.

The $200 million funding was led by LKCM Headwater Investments, the private equity arm of Fort Worth, Texas-based Luther King Capital Management.

ProbablyMonsters previously raised $18.8 million in 2019 from family and friends, including Dallas Cowboys owner Jerry Jones, affiliates of Luther King and former Activision Blizzard Inc. Executive Vice President David Oxford. The company didn’t disclose its valuation.

The Bellevue, Washington-based business was founded in 2016. It ...