Yes: gaming venture-capital funding was down in the first half of 2024, and Konvoy Ventures reported that roughly 90% or more of funding went to early-stage deals in most quarters from Q4 2022 onward. That 90% figure is a historical finding, not a current market constant. By Q2 2025, the available stage data showed a less concentrated mix by deal volume—but it measures the share of deals, not the share of dollars.
What the decline looked like in 2024
Konvoy Ventures counted $492 million in gaming VC funding across 104 deals in Q2 2024. Funding was down 20% from Q1 2024 and 7% from Q2 2023. Deal count fell 22% quarter over quarter and 12% year over year. Q1-to-Q2 changes can reflect seasonality, so the year-over-year comparison is the clearer indicator of the annual direction. Konvoy’s Q2 2024 report gives the quarterly figures.
For the first half of 2024, GamesBeat reported $1.093 billion in disclosed games VC funding, down 20% from the first half of 2023. Deal count fell 10%, from 264 to 238. GamesBeat characterized the decline as slowing compared with the steeper 2022–23 fall; that does not mean funding had returned to growth. GamesBeat’s report attributes the figures to Konvoy.
What “90% goes to early stage” means
The statistic describes the distribution of gaming VC funding across investment stages during a particular period—not 90% of all gaming companies, studios, or funding opportunities. GamesBeat reported that 89% of placements since Q1 2022 went to early-stage startups. Konvoy’s Q2 2024 report described approximately 90% or more of funding going to early-stage deals from Q4 2022 onward, with Q4 2023 as an exception. The windows and formulations differ, so they should not be collapsed into one timeless figure.
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In the Konvoy chart, “early stage” covers Pre-Seed through Series A; “growth” means Series B through Series D; “late” means Series E and later. Its underlying source is CB Insights, and the report notes that historical deal data can be revised as new transactions become public. InvestGame’s reproduction of the report includes the definitions and data note.
Are studios still raising Series B and later rounds?
Yes, but the cited data points to weaker activity beyond Series A during the period Konvoy analyzed. A lower later-stage share does not mean later rounds stopped altogether; it means the funding mix was heavily weighted toward earlier rounds in the stated window.
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GamesBeat relayed Konvoy’s possible explanation: some companies may have reached the point of needing a Series B or later round after raising their previous round before U.S. interest-rate increases began in March 2022. That is an attributed interpretation, not proof that rate hikes alone caused the later-stage shortfall. A funding-stage chart also cannot establish how many studios sought capital but did not close a round.
What changed in the available 2025 stage data?
InvestGame’s Q2 2025 preview showed a less early-stage-heavy distribution when measured by deal volume. Its year-to-date stage mix was 31.9% pre-seed and seed, roughly 29% early stage, roughly 29% late stage, and about 10% venture growth. In Q2 2025, pre-seed/seed and early-stage deals together made up 61.1% of gaming VC deal volume. InvestGame’s preview says investors favored established companies with commercial traction.
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This is not a direct numerical reversal of Konvoy’s 2024 funding-value claim: the 2025 percentages describe the share of deals, whereas the earlier headline describes funding. A small number of large rounds can shift the dollar mix without changing deal counts in the same way. Treat the 2025 figures as evidence of a more balanced deal-volume mix, not proof that early-stage companies received a smaller share of dollars.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why broader 2025 investment headlines can mislead
Private-equity acquisitions and broader funding totals are not the same measure as VC funding for startups. S&P Global Market Intelligence counted 208 video-game private-equity M&A and funding deals in 2025, down 45% year over year. Its reported investment value was $55.92 billion, but EA’s $55.19 billion acquisition accounted for most of that total; excluding that transaction, the value was $842 million. S&P Global’s March 2026 analysis says AI investment focus and weaker consumer demand contributed to lower deal activity, based on its analysis and interviewees.
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Those S&P figures cover a wider transaction set and should not be described as annual gaming VC funding. The headline value, in particular, is dominated by one acquisition rather than a broad wave of startup rounds.
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How to read the numbers
- For the direction of VC funding: compare the same period year over year, such as Q2 2024 with Q2 2023, rather than relying only on a quarter-over-quarter move that may reflect seasonality.
- For the 90% claim: keep the source, time window, and stage definition attached. Konvoy’s early-stage category runs from Pre-Seed through Series A.
- For stage-mix comparisons: check whether the statistic is a share of funding dollars or a share of deal volume. They answer different questions.
- For industry-wide totals: check whether the measure includes VC rounds, private-equity deals, or acquisitions before comparing it with startup funding.
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