The Video Game Fundraising Blueprint

Foreword from Robbie

Fundraising for a game can be confusing, opaque, and extraordinarily frustrating. Why do some game studios struggle in 'fundraising purgatory' for months or even years, while others secure funding in a month with minimal distraction?

I wrote this doc because, after working with 700+ games, I’ve seen a lot of great teams (with incredible games) struggle and make the same avoidable mistakes when raising money.

Over the last decade I’ve been on both sides of the table. I’ve raised hundreds of millions of dollars for Immutable, deployed more than $100M into games through investments and grants, co-founded and am General Partner at the $100M Inevitable Games Fund, and helped hundreds of game teams through their own fundraising journeys.

This guide is my attempt to make the process less opaque, less frustrating, and let you get back to focusing on a good game.

It covers what investors actually care about, how to tell your story, how to run a good process, and how to give yourself the best possible chance of getting funded.

I can’t promise you’ll raise. Nobody can.

But this should help you avoid a lot of wasted time, understand the game you’re playing, and give you the best chance of raising money for whatever stage you’re at; idea, seed, mid-development, or growing massively.

The goal is simple. Spend less time raising, with better results, and more time building great games.

I hope it helps!

P.S. I genuinely like hearing when these guides are useful, or where they could be better. Just shoot me a dm.

Robbie Ferguson

Co-Founder & President, Immutable

Who is this for?

This master document is for all game studios that are looking to raise from VCs.

What to expect

While we can’t guarantee success, we can offer you our playbook:

• The Four Fundraise Factors: A four-part framework that you need to obsess over: strong metrics, compelling case and credibility, number of VCs, and genuine urgency and scarcity.
• 5-Step Process: A clear, actionable process to secure funding efficiently, from preparation to post-close.
• Fundraising across the studio lifecycle: What you need to focus on at each stage of the plan, from idea to alpha and beyond.

The Four Fundraise Factors

At its core, VC investment is all about predicting ROI. A successful fundraise boils down to these four factors.

Every step you take should strengthen one of these factors, making the journey smoother and more impactful. Let’s dive into each one.

The 5-Step Process

We’ve developed a clear, actionable process to guide you through fundraising and building your metrics:

Now let’s double-click into each step.

1. Design the Raise

Let’s start with the basics

You have an idea. Write it down on paper. Getting your idea on paper is the first step in making it real for you and future investors. Think through the following questions:

• Vision: What is the project? Make this practical and real. Answering this question may depend on where you are in your build.
  • If you haven’t started building yet, take 15 minutes and write as much as you can about your “ideal” game. You will likely see a common theme emerge and be able to connect the dots more easily.
  • A few ideas to get you started: three to five key high-level categories about your game that can inspire deeper dives, for example genre, region, age range, and platform.
  • If you are more advanced in your build, drill into creative design and character development, core mechanics and game economy, the target player base and experience, emotional triggers that leave the player wanting more, and monetisation.
• Revenue: If you are already producing revenue, talk about how you sourced your users, how much they are spending, and why raising further capital will multiply the existing revenue.
• Team strength: What are the strengths of the team? What experience do they have that you can build on?
• 10X better: Why is your project unique or 10X better than others in today’s noisy game ecosystem? Why would a player forgo playing their go-to game to play yours?

Remember how a VC thinks

VCs operate under a power law principle. This means they expect the vast majority of their investments to fail, and a few to “return the fund”.

They only have a mandate to invest in you if you can show that your project could return the fund.

This means not just achieving a small but profitable game with a vibrant community, but a clear game with social traction and the ability to grow to a global scale with strong monetisation potential, either wide and shallow or narrow and whale-centric.

Define the fundraising strategy

Your raise should be strategically tied to a roadmap of milestones designed to drive your project from idea to alpha or beta, launch, and scale.

Answer the following to develop a raise estimate:

• What is your dream goal across each stage: alpha, beta, and launch? At each stage your objectives will change in terms of game loop and play, user acquisition, go-to-market, and live ops. For example, at full scale launch you should have a plan to show a clear CLV > CAC dynamic through specific mechanisms.
• What are the measurable milestones you could signpost? When will you need to execute key game builds? How will you grow into key target markets? When will you need to hire a CMO, CTO, or key industry expert to boost credibility?
• How much funding do you need now and across each stage? Plan to raise 20% more than your estimated needs to ensure flexibility in unpredictable conditions.
• Complete a high-level burn estimate. Account for the people, processes, and technology required to reach each milestone. As you budget, aim to maintain at least 12 months of runway. This will ensure you are not “desperate” in commercial negotiations down the track.
• What investors do you need to reach this goal? General or gaming?

This is the first hurdle to cross. Nothing will get to “no” faster than asking for a big VC cheque without a clear plan for spending it. The VC is already thinking: if I give you this money, how will I measure your success every quarter and month?

The ‘10X’ Raise Deck Framework

We have a proven pitch deck formula.

1. Define the target pitch narrative and work backwards: Working a small idea upwards is much harder than defining a clear vision and then working backwards.
2. Draft a one-page narrative: Create a concise one-page summary of your pitch, covering all key points. Share this with your advisors for feedback.
3. Build a shell deck: Outline your deck by creating a structure for each slide, noting the specific, quantifiable proof required on each one.
4. Plan slide development: Identify what is needed for each slide and start gathering the necessary data. For example, if a slide will highlight growth metrics, begin compiling and organising those figures now.

Tips on how to think about a good story

• Name a big, relevant change: Start with a gaming shift that creates genuine urgency, such as a new game-loop mechanic that differentiates your game.
• Winners vs. losers: Emphasise how adapting to this change will create winners, while ignoring it will leave others behind.
• Tease the promised land: Paint a vision of success that is hard to achieve without your game. Focus on what makes your vision compelling.
• Introduce features as “magic gifts”: Frame your product’s key innovations as essential tools that overcome industry obstacles, leading to the promised land.
• Evidence of success: Share metrics, testimonials, and case studies that prove you can deliver on your promises.

By focusing on why you’re raising, what milestones will drive ROI, and how your metrics align with your narrative, you create a compelling story that resonates with investors and positions your studio for long-term success.

Metrics Development and Validation

We all know metrics are king (or queen), but we also know they are hard to get and very easy to fake. Your metrics need to reflect both your current stage and your long-term vision. Early-stage investors expect different metrics than later-stage investors. Backsolve your North Star metrics to align with your narrative.

Product metrics

Product success is measured by how quickly and efficiently users move through your ecosystem. These are the measures you need to hit to peak interest:

• Playtesting and closed beta: Regular playtests and closed betas help you refine your product based on real feedback, showcasing progress. Aim to attract a cohort of 100K pre-registrations for your beta.
• Demonstrate velocity: Track how fast users adopt features and how quickly they complete key actions, highlighting momentum. Generally, from alpha to beta to soft launch, retention should exceed 4-3-2-1: D1 at 40%, D2 at 30%, D6 at 20%, and D30 at 10%. Earlier golden cohorts tend to perform better, so the benchmarks may be raised slightly, for example targeting 60% D1 retention.

Good ways of testing player feedback include the games conference circuit, small trials, and closed tests. We also have a team of playtesters who would be happy to support and provide guidance.

Growth metrics

Growth isn’t just about numbers. It is about the quality of users and their engagement. How can you show that you have a collection of raving fans that will start the flywheel of scaling the game?

The key item that should be on your mind when you think of growth metrics is balancing organic and paid user acquisition tactics. Both are well understood across VCs, and well regarded when done right. It is important to set defensive guardrails and test conversion between the cycle.

Process to build growth metrics

1. Lean into proven marketing tactics to grow your community. “Build in public” works because involving your community early with rewards and exclusivity gives them a share in the upside and a natural incentive to promote your game.
2. Building your early-stage audience is key. Do this as soon as you can. Choose your single point to drive engagement: X, Discord, an audience builder, or another channel.
3. Focus on community message and engagement. Incentivise participation through community rewards, creating a steady engagement loop. Avoid spam tactics. Buying followers or artificially inflating numbers is easily detectable and detrimental. Build genuine engagement instead.
4. Reverse-engineer user acquisition using tools like the Immutable Audience Builder, Discord, X, and questing platforms for expanded reach.

How investors evaluate metrics

Investors apply a series of checks to assess metric reliability. Clean your data and think through your responses. Why do you believe this will scale?

• Sense check: Does the claim pass basic scrutiny? For example, if someone claims UX enhancements led to 6X revenue growth for a billion-dollar game, it needs to be realistic.
• Benchmarks and scope: Compare metrics against industry benchmarks. Localised metrics may require acknowledgement if their broader impact is questionable.
• Definition precision: Investors value clear definitions. Is your retention measured as rolling D7 or spot D7? Precision matters.
• Auditability: Clearly state whether your data is first-party or third-party sourced. First-party data requires detailed transparency, while third-party data’s credibility hinges on the reputation of the provider.

Ultimately, investors care about ROI and traction. Your metrics narrative should connect product momentum, authentic growth, and credible social proof to illustrate a clear path to investor returns. By following this approach, you’re not just presenting numbers, you’re telling a story of sustainable growth and investor-ready traction.

2. Build a VC Network

If you’re not sure where to start, we have a gaming VC database we keep live and up to date.

Know who you’re targeting: the VC landscape

Focus on building a diverse network that includes:

• Top-tier VCs specialising in gaming: Ideal for later-stage or high-traction projects.
• Angels and strategic investors: Target experienced angels with industry knowledge who can provide mentorship and introductions.

Remember, fundraising is often a numbers game. A large, diversified network will open the door to more opportunities.

Early engagement without raising

• Start conversations before you officially launch your round.
• Frame early meetings as relationship-building. Be clear that you are not officially raising yet and want to build a relationship with the best partners before you do.
• Emphasise that you’re not looking for just capital. You want the best partners. This positions you as selective, heightening interest.

Leverage warm introductions: the key to success

Cold outreach is often ineffective in this space. Instead:

• Prioritise social proof: An introduction from a well-regarded individual in your network carries weight. The higher their status, the better your credibility.
• Target the right person: Aim to speak to decision-makers. If you start with someone more junior, impress them enough that they will introduce you to the right contact.

Be fully prepared before engaging

Before any introduction, ensure you’re pitch-ready:

• Compelling narrative: Articulate your vision, strengths, and market opportunity clearly.
• Pitch materials: Your deck should be polished and include a crisp, impactful first slide.
• Current-state metrics: Show momentum with real, credible data that aligns with your narrative.
• Clear lifecycle assessment: Understand where you are in your journey, early, growth, or scaling, and what you need from investors at this stage.

You have managed to build your VC network. Now you are ready to fundraise. The following steps should be thought about in two phases: creating legitimate scarcity and investor demand, and closing the deal.

An honest note: Do not be discouraged by rejection. Most of the time it will be a no. Prepare yourself and keep the momentum. It is not easy.

3. Create Genuine Scarcity and Investor Demand

A successful raise hinges on a key shift: moving from seeking VC interest to being in demand by VCs. This transformation is the essence of scarcity, and scarcity is what drives friendly competition.

Nail the first meeting

VCs often form an impression within the first few minutes. To maximise your impact:

• Make a strong opening: Create a compelling narrative supported by growth metrics, market potential, and product vision. Clearly convey your vision and market potential right away.
• Be concise and direct: Respect their time with a concise pitch, focusing on ROI potential and differentiation.
• Do your homework: Research your investors. Show you know the VC and have built a game with a strong link to their demand or mandate.
• Show confidence: Your enthusiasm and clarity will set the tone for the conversation.
• Establish credibility: Use real data and benchmarks to show where your business stands and why it is a strong investment. Highlight partnerships, mentors, or previous investors with strong reputations.

Build investor momentum with updates

• Plan regular, exciting updates to keep investors engaged.
• Use BAMFAM (Book a Meeting From a Meeting): “We’ll have playtest results in five days. Shall we block time now?” For instance, Clash of Clans scheduled a new product update 10 days after their first meeting, ensuring a second meeting was already booked.

As you showcase growth and interest, both qualitative and quantitative, you’ll naturally create scarcity. Investors will see a product that is not just viable but in demand even before launch. Every lead should generate more leads. Aim for 20+ strong connections and keep them engaged with well-timed updates and meetings.

Scarcity isn’t just about limiting access. It is about creating a buzz that people don’t want to miss. Scarcity doesn’t happen overnight. Start building your connections and narrative today. Momentum is everything, and the earlier you begin, the stronger your raise will be.

A truthful momentum line: “We are planning to choose a lead by 28 September because the round funds our January production milestone. We have two more partner meetings next week and will share the same data-room update with everyone on Friday.”

4. Close the Round

Once you have a couple of investors showing interest, your primary objective is to ignite the first catalytic spark by securing that initial offer. This is the critical turning point.

Step 1: Secure the first offer

The initial offer is more about momentum than valuation. Your approach should feel like a strategic dance, noting this is the hardest part of the process.

• Aim to have 10+ VCs who are fully aware of your fundraising plans, with a direct link to you and your team.
• Target your top five VCs from this list for more strategic discussions on next steps.
• Be realistic in your ask. VCs will not be impressed by unrealistic terms. Confirm whether they are ready to make an offer: “If you were considering making an offer, I’d be open to exploring it.”
• Target firms known to lead. Consider firms like Inevitable Games Fund or BITKRAFT, which are comfortable making the first move or following quickly.

Step 2: Create scarcity and genuine urgency again

Once you secure a credible offer, set a clear closing timeline:

• Communicate urgency: Inform all potential investors that you have an offer and intend to close soon.
• Set a clear raise amount: Define the amount you are raising and avoid inflating it. It can weaken your position.
• Book back-to-back meetings: Aim for a blitz of meetings in the same week to maintain momentum and increase pressure.
• Keep details confidential: You do not need to disclose the lead investor or valuation initially. Allow VCs to backchannel and create genuine urgency around the round.

Step 3: Anchor the price and strengthen the round

Your goal is to attract an even stronger lead while building on the initial offer. Use the existing offer to:

• Anchor your valuation: Without oversharing, frame your offer as competitive.
• Leverage investor competition: The more genuine scarcity you create, the stronger the interest.

Step 4: Fast close, money in the bank

The round isn’t over until the funds are transferred. Avoid the risk of delays or pullouts:

• Accelerate closing: Push for fast signatures and transfers to secure the funds before external events can disrupt the process.
• Be mindful of market risks: Black swan events, such as the Silicon Valley Bank collapse in 2023, can derail rounds. The faster you close, the safer you are from external shocks.

Your success in closing a round hinges on momentum, urgency, and scarcity. Secure the first offer, create a competitive environment, and move swiftly to convert interest into commitment.

5. Establish a Long-Term Relationship

The journey continues: the close is just the beginning

Closing a funding round isn’t the final milestone. It marks the start of a new chapter. Once the ink is dry, the focus shifts from attracting capital to leveraging that capital effectively. Managing post-close relationships is essential to maximise the value investors bring to the table, and to prepare for future growth and follow-up rounds.

Remember, investors are not just sources of funding. They are strategic partners with access to valuable resources:

• Warm introductions to other investors: If your investors are impressed with your progress, they will make introductions to other investors, potentially opening the door to future funding rounds.
• Customer introductions: Investors use their credibility to introduce you to key customers, helping you establish important relationships and drive revenue. For example, a notable investor introduced us to a high-profile deal powering TikTok, opening a significant door for growth.
• Partnerships and hiring: Investors can facilitate introductions to key industry partners or provide valuable hiring support, especially when you need to scale quickly.

Start the monthly rhythm

The key to continuing momentum post-close is regular, meaningful communication with investors. Your current investor group will have the highest chance of future investment, so maintaining these relationships is critical:

• Monthly updates: Set up a consistent, streamlined cadence for updates. Focus on both product metrics and growth milestones, and ensure your investors remain informed and engaged. Understand what your investors actually care about and tweak your monthly updates accordingly.
• Track progress: Investors want to see that their investment is growing, so keep them updated on your product’s development, key hires, and any market traction.
• Keep investors warm: By keeping investors informed and engaged, you create opportunities to tap into their network when the time comes, whether for follow-on investments or new partnerships.

Keep your updates smooth, automated, and consistent to capture key milestones and progress. This isn’t about rehashing your original pitch but about building on the narrative with new developments. Investors expect your vision to evolve. It is natural and even desirable. Highlight these changes as part of your growth story, demonstrating adaptability and strategic thinking. Showing how your vision is adjusting to market realities, customer feedback, or industry trends will keep investors engaged and confident in your leadership.

The end game: maximising long-term relationships

Building these relationships post-close is not just about keeping investors informed. It is about creating opportunities for them to help you when you need it most. By staying focused on product progress, growth metrics, and credibility, you will ensure that you have a strong foundation for future rounds, strategic partnerships, and continued success.

In the end, the post-close phase is about maintaining momentum, cultivating relationships, and setting the stage for the next big opportunity. Whether it is securing additional funding or unlocking new market opportunities, effective post-close management is key to sustaining growth and maximising the value of your investors’ support.

Fundraising Across the Lifecycle

You should be focused on fundraising throughout the entire game development lifecycle. The stage you are in will determine what is important to VCs.

What you need to do to have impactful discussions with VCs:

Closing Remarks

All these benefits come only after engaging the right investors. There’s a classic quote: “It’s a marathon, not a sprint.” But the truth is, it’s both. Success involves building up steadily with strategic moments of intense action.

A clear plan is the first step to build your Fundraise Equation. You have what you need to get started, and this guide will help you get there. If you want to accelerate and lay solid groundwork, our team is ready to help you build your audience, refine your narrative, and prepare for the catalyst moments.

...I hope it helps!

- Robbie

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