Makers Fund Closes $250M Fund IV, Bringing Total Assets Under Management to $1.5B

Makers Fund has closed its fourth investment vehicle, raising $250 million to back startups in games and interactive entertainment. The new fund brings the firm’s total assets under management to $1.5 billion. The San Francisco‑based venture capital firm, founded in 2016, previously raised $180 million in its first round, $200 million in 2017, and $500 million in 2022. The latest round is the firm’s second‑smallest fund, half the size of the $500 million third fund, but still larger than its 2017 vehicle.

Makers has built a track record of investing in early‑stage companies that grow into market leaders. The firm returned 3.6 times its invested capital, including an exit from Turkish mobile developer Dream Games. Dream Games was valued at nearly $5 billion last year after a strategic investment from CVC. The firm’s portfolio also includes FaceIt, which was acquired by Savvy Gaming Group in 2022, and Voldex, now one of the largest publishers on Roblox.

Beyond games, Makers has broadened its focus to consumer apps, entertainment, and creation platforms. The firm has backed generative‑AI platform PixAI and game‑clipping service Medal.tv, which supports AI research lab General Intuition. These investments illustrate the firm’s intent to support companies that blend interactive media with emerging technologies.

In a statement released with the fund closing, general partner Jay Chi said, “Makers was founded on the belief that creators are the constant, even as the landscape shifts around them. 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.”

General partner Michael Cheung added, “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.”

The $250 million fund will target early‑stage and growth‑stage companies that develop games, interactive experiences, and related platforms. Makers has a history of partnering with founders from inception through scale, providing capital and strategic guidance. The firm’s investment thesis emphasizes the importance of creator‑centric models in a landscape that is increasingly driven by user‑generated content and community engagement.

Makers’ portfolio includes 108 companies as of March 2026, with eight new investments announced in the past year. The firm’s focus on interactive entertainment aligns with broader venture trends that prioritize immersive media and AI‑enhanced experiences. By backing companies such as PixAI and Medal.tv, Makers is positioning itself at the intersection of gaming, AI, and content creation.

The $250 million fourth fund is smaller than the $500 million third fund but larger than the $200 million 2017 fund, reflecting a cautious but targeted approach to capital deployment. The firm’s decision to raise a smaller vehicle indicates a focus on quality over quantity, allowing it to maintain a concentrated portfolio and deeper involvement with each portfolio company.

Makers’ early investment in Dream Games, which grew into a top‑ten mobile game developer, demonstrates the firm’s ability to identify high‑growth opportunities. Dream Games’ exit, following a strategic investment from CVC that valued the company at nearly $5 billion, provided a significant return for Makers and underscored the potential of the interactive entertainment sector.

The firm’s investment in FaceIt, a platform that hosts competitive gaming tournaments, positioned it ahead of the 2022 acquisition by Savvy Gaming Group, a Saudi‑backed holding company. The acquisition highlighted the growing interest of institutional investors in esports and interactive entertainment.

Voldex, a publisher on Roblox, has become one of the platform’s largest publishers, illustrating the diversification of interactive entertainment beyond traditional console and mobile games. By backing companies that operate across multiple platforms, Makers is positioning itself to capture a broad segment of the interactive media market.

PixAI and Medal.tv represent the firm’s interest in AI‑driven tools that enhance content creation and consumption. PixAI’s generative‑AI capabilities and Medal.tv’s video‑clipping technology provide creators with new ways to monetize and share gameplay, aligning with Makers’ creator‑centric philosophy.

The firm’s focus on consumer apps and creation platforms reflects a broader industry shift toward user‑generated content and community‑driven ecosystems. By investing in these areas, Makers is aligning its portfolio with trends that drive engagement and monetization across multiple channels.

Makers’ total assets under management of $1.5 billion place it among the larger niche venture funds focused on interactive entertainment. The firm’s growth trajectory, from $180 million in 2016 to $1.5 billion in 2026, demonstrates a steady expansion of its investment capacity and influence in the sector.

The firm’s strategy of providing equity, project financing, and marketing financing, as stated by partner Michael Cheung, indicates a willingness to support founders beyond traditional venture capital. This approach may help portfolio companies accelerate product development and market entry.

Makers’ portfolio companies operate across a range of platforms, including mobile, PC, console, and web. The firm’s diversified approach allows it to tap into multiple revenue streams and audience segments, mitigating risk and enhancing potential returns.

The firm’s closing was announced on August 20 2026, and the firm will begin deploying capital in the coming months.