ProbablyMonsters nets $250 million to bolster development studios

The multi-studio company was established by former by Bungie president and CEO, Harold Ryan.

ProbablyMonsters has raised $250 million in Series A funding to bolster its various development teams.

The multi-studio company was established by former Bungie president and CEO Harold Ryan in 2016 and raised $200 million in September last year to create "long-lasting" franchises.

In a brief post on its website, ProbablyMonsters said the latest cash injection will help realize its goal of providing a "more stable home for developers."

"With these funds, we’ve secured our long-term independence as a new category of game company," said CEO and founder, Harold Ryan.

"Our goal has always been to invest in our people first. We want them to thrive building games they love in a positive and stable environment, and eventually be able to retire from ProbablyMonsters."

ProbablyMonsters currently has an unannounced, original IP in development at its Firewalk studio, which is due to be published by Sony Interactive Entertainment.

The company is also in the process of establishing two additional studios: Cauldron and RPG Team, both of which are listed as "coming soon."

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