New studio Closing Theory raises $2.3m investment
Closing Theory, a new mobile game development studio, has secured an impressive $2.3 million in investment in a funding round led by games investment firm a16z. The studio aims to target the valuable audience of "non-gamers" with their two upcoming titles, both centered around housing themes.
The investment comes from a notable group of investor firms, including a16z (led by Joshua Lu, formerly of Zynga and Meta), Powerhouse Capital (known for investments in Playtika and Scopely), and Seth Sivak, founder of Proletariat games.
Co-founder Nitin Rajinikanth explained the studio's approach, stating, "Games have traditionally been all about fantasy, a hard fork from the real world. We started Closing Theory because we believe there’s an opportunity for fun that’s closer to the world we live in."
The studio's debut titles, HOUSE RUSH! and NEIGHBORHOOD RUSH!, aim to appeal to the 70 million plus people who browse Zillow for fun. House Rush is currently available for playtesting on iOS.
While details about Closing Theory remain scarce, it is likely that they have been working on their titles in stealth mode for some time. Given the mobile platform for their releases, it is speculated that the games may target the hypercasual or hybridcasual market, catering to stereotypical non-gamers.
Notably, several of the investors have strong ties to companies featured in our Top 50 Game Makers of 2022 list, such as Playtika and Blizzard. The appeal of Closing Theory may lie in their potential for lucrative returns upon exit, considering the successful track record of the co-founders, who have previously sold two of their companies following similar strategies.
What sets Closing Theory apart is their plan to utilize a "strategic mix of gaming experts and real estate operators + influencers" in their development process. This unique approach is bound to attract significant attention to the studio and spark interest in their innovative projects.
Source: Iwan Morris, Staff Writer at PocketGamer