Investments·Updated Mar 17, 2026 by PitchBook
Q1 2024 venture funding in gaming reached $1.3 billion across 153 deals, marking a 22.1% increase in deal value quarter-over-quarter and a 23.3% increase year-over-year.
While total deal count remains down 17.3% compared to Q1 2023, projected 2024 funding is expected to exceed 2023 totals by approximately $1 billion.
Development-focused investments currently lead the market, though analysts anticipate a shift back toward content as high-quality game pipelines mature.
In-game advertising is gaining significant traction, with 90% of marketers viewing it as important and 40% planning to increase their spend, supported by companies like Anzu which has raised $65 million to date.
Exit activity was non-existent in Q1 2024, reflecting a broader trend of a maturing, consolidated landscape where capital is increasingly selective.
Notable early-stage activity included Monad’s $200 million round at a $2 billion valuation and ElevenLabs’ $80 million raise at a 9.2x step-up.
Q1 2024 venture funding in gaming reached $1.3 billion across 153 deals, marking a 22.1% increase in deal value quarter-over-quarter and a 23.3% increase year-over-year.
While total deal count remains down 17.3% compared to Q1 2023, projected 2024 funding is expected to exceed 2023 totals by approximately $1 billion.
Development-focused investments currently lead the market, though analysts anticipate a shift back toward content as high-quality game pipelines mature.
In-game advertising is gaining significant traction, with 90% of marketers viewing it as important and 40% planning to increase their spend, supported by companies like Anzu which has raised $65 million to date.
Exit activity was non-existent in Q1 2024, reflecting a broader trend of a maturing, consolidated landscape where capital is increasingly selective.
Notable early-stage activity included Monad’s $200 million round at a $2 billion valuation and ElevenLabs’ $80 million raise at a 9.2x step-up.