CCP Games Secures $40M Funding Round Led by A16z

Time Stamp: March 21, 2023 11:18 AM
Source Node: 2525918

CCP Games, the Icelandic video game developer behind the massively popular EVE Online, has secured $40 million in a funding round led by Andreessen Horowitz (A16z). The funding will be used to support the development of new games and expand CCP’s operations.

EVE Online, which was first released in 2003, is a massively multiplayer online game (MMO) set in a science fiction universe. The game has a dedicated following, with players from around the world logging in to explore the vast virtual universe, engage in battles, and build alliances with other players.

CCP Games has been working on a number of new projects in recent years, including the development of a new MMO set in the EVE Online universe. The company has also been exploring new technologies such as virtual reality and blockchain.

The funding round was led by A16z, a venture capital firm known for its investments in technology companies such as Facebook, Airbnb, and Lyft. A16z has a strong track record of investing in gaming companies, having previously backed firms such as Roblox and Discord.

In a statement, CCP Games CEO Hilmar Veigar Pétursson said that the funding would allow the company to “continue to build on our vision for the future of gaming.” He added that A16z’s experience in the gaming industry would be “invaluable” as CCP Games looks to expand its operations.

A16z partner Andrew Chen, who will join CCP Games’ board of directors as part of the funding round, said that the firm was “excited to partner with CCP Games as they continue to push the boundaries of what’s possible in gaming.”

The funding round comes at a time when the gaming industry is experiencing significant growth. According to a report by Newzoo, the global gaming market is expected to generate $159.3 billion in revenue in 2020, up from $152.1 billion in 2019.

CCP Games’ success with EVE Online has put the company in a strong position to capitalize on this growth. With the new funding and support from A16z, the company is well-positioned to continue pushing the boundaries of what’s possible in gaming and delivering innovative experiences to players around the world.