Games Funding: What Nobody Tells You
Raising money for games is different from raising for SaaS. I learned this the hard way after pitching 47 investors and getting rejected by 46 of them.
I fucked up by using a tech startup playbook for a games company. I talked about TAM, unit economics, and growth metrics. Investors nodded politely and passed.
The Wrong Pitch
My deck looked like every other B2B SaaS pitch:
- Market size: $200B gaming industry
- Our slice: Mobile puzzle games, $50M addressable
- Business model: F2P with IAP, industry-standard metrics
- Traction: 10K downloads, 2% conversion
- Team: Strong execution track record
It was all technically correct. It was also completely missing the point.
What Actually Matters
The one investor who said yes told me later: "Your metrics were fine. But I invested because you let me play the game, and I couldn't put it down for 45 minutes."
Games investors don't invest in spreadsheets. They invest in experiences. They want to feel what players will feel.
The new pitch structure:
- 5 minutes: Play the game (or watch compelling gameplay)
- 3 minutes: What makes this special
- 2 minutes: Why now / market opportunity
- 2 minutes: Team credibility
- 3 minutes: Business model & unit economics
Notice what comes first? The experience.
Other Things I Learned
Investors want to see passion, not just metrics. Show them why this game needs to exist. What unique experience are you creating? Why can't players get this anywhere else?
Genre matters more than you think. Different investors have strong preferences. Don't waste time pitching a narrative game to someone who only does multiplayer competitive titles.
Publisher relationships are currency. A warm intro from a publisher carries more weight than perfect metrics. Network in the industry before you need funding.
The demo is everything. A mediocre pitch with an amazing playable demo beats a perfect pitch with no demo every time.
Key Takeaway: Games funding is about the experience first, business second. Lead with gameplay, not spreadsheets. Make investors feel what players will feel. Everything else is secondary.