Swedish Virtual Reality startup, Resolution Games, have just announced raising the largest Series A funding round of any VR-reality studio at $6 million. A round led by Google Ventures.
Although led by Google Ventures, other backers of today’s investment in Resolution Games also include Swedish Creandum, Bonnier Growth Media, and Partech Ventures, among others.
“We are thrilled to have the support of such high caliber thought leaders and VCs and to see they are confident in our team and strategy of making games everyone can enjoy,” Resolution Games CEO and co-founder, Tommy Palm says, and continues:
“With a new layer of strategic advisors we hope to have the best possible outlooks for predicting the market and creating games that help sell headsets.”
Apart from marking the largest investment into any virtual reality studio, today’s investment is also Google Ventures’ first into a Swedish firm since the company’s expansion into Europe.
And from the looks of it, it might not be Google’s last venture into the world of VR.
“VR is the next big gaming platform,” said Joe Kraus, general partner at Google Ventures, and continues:
“The pace of development in VR will be very high over the next five years, with mobile VR at the forefront because anyone with a smartphone has the core of a VR experience already in their pocket.”
With a mission of making virtual reality more mainstream, Resolution Games was founded earlier this year by a veteran Swedish team led by Tommy Palm.
But despite its young age, with today’s investment, the team at Resolution Games is ready to focus 100% on making virtual reality more mainstream, starting with hiring all the best talent from the Swedish games industry, Palm expresses to Nordic Game Bits:
“We are looking to become about 20 people in total with two games creation teams.”, he says.
Quick growth is great, but Palm also stresses that the studio wants to keep the internal teams small and agile so that they can produce several short-cycle VR games to test the market with. Because just as with the mobile market in the early days, surviving in VR is all about ensuring longevity. Something the studio has achieved with today’s investment, according to Palm.
“I am a firm believer in keeping game teams small. Historically I have had a team size sweet spot around eight persons that can sit in the same room and talk directly with each other.”, Palm says to Nordic Game Bits.
“With the funding we will have two teams and have the luxury of having the longevity that most other game companies do not have. The VR market is not fully here yet and we want to be there when it takes off.”
Some of you may be wondering how Resolution Games did what no one else has achieved so far in Sweden; getting the attention of Google Ventures.
Surprisingly, the answer is that the studio weren’t even actively looking for an investor. Instead, Google Ventures contacted them, Palm explains, as he concludes the story:
“GV contacted us after reading about us in the news. In our early discussions with them we realized that we would be a much stronger entity with great investors backing us. We went on a road tour and met with many investors to see which were the best fit for a company like us. It was very important for us to find someone that had a long-term strategy and true insights about the VR market. We feel we’ve found that in these investors.”