Moon Beast Productions Secures $4.5M in Seed Funding

Moon Beast Productions has exciting news to share, having successfully raised $4.5 million in seed funding. This impressive round of investment was spearheaded by 1AM Gaming, with significant contributions from 1UP Ventures, The Mini Fund, Overwolf, and Versus Ventures. Adding to this momentum, several angel investors also backed the studio’s ambitious plans.

The funds are earmarked for a groundbreaking action RPG project, which aims to shake up traditional design norms in the gaming world. Founded in March 2022, Moon Beast is the brainchild of seasoned Diablo 2 veterans, Peter Hu and Phil Shenk. They were joined in 2023 by Diablo 2 co-creator Erich Schaefer, who brought his expertise to the team as chief creative officer.

Reflecting on the achievement, Peter Hu, the studio’s president and co-founder, expressed his gratitude: “In a tough funding climate, it’s a privilege to have investors who believe in our vision,” he noted. “We’re committed to innovation, focusing on smart, efficient design strategies. Our goal is to build flexible, data-driven systems that allow us to move quickly and creatively.”

Phil Shenk echoed this sentiment, emphasizing the studio’s pioneering spirit: “We’re not about following the herd. Throughout our careers, we’ve strived to push boundaries and redefine what action RPGs can be. From our early days with Diablo and Diablo 2 to ventures like Hellgate: London, Torchlight, and Marvel Heroes Online, we’ve always been driven to expand the possibilities for gamers.”