Moon Beast Productions has raised $4.5 million in seed financing

Moon Beast Productions, an independent gaming studio, has successfully raised $4.5 million in seed funding.

Established by Phil Shenk, Peter Hu, and Erich Schaefer, the studio attracted investment from several prominent angel investors, including Gaingels, Cohh Carnage, and Mark Pincus. The funding was spearheaded by 1AM Gaming with additional support from 1UP Ventures, The Mini Fund, Overwolf, and Versus Ventures.

This financial backing represents a pivotal period for Moon Beast, allowing the studio to grow while preserving the streamlined and concentrated strategy it has maintained since its founding. The funds will assist in the creation of an action RPG that "challenges conventional design paradigms."

Peter Hu, president and co-founder, expressed gratitude for the investors' belief in their vision in a demanding financial climate. "Our philosophy has always been to work smarter, not harder. We develop reusable, data-driven systems that enable us to iterate quickly and create more with less," he stated.

CEO and co-founder Phil Shenk noted, "We're never satisfied with simply following trends. Throughout our history, we've worked to revolutionize genres, beginning with the creation of ARPGs through Diablo and Diablo II. From Hellgate: London to Torchlight and Marvel Heroes Online, we've remained committed to pushing the boundaries of player expectations in the genre."

The studio plans to reveal more details about its upcoming project in "early 2025."