PortalOne, the Oslo-based hybrid games platform, has raised $15 million in an oversubscribed seed round.
The funding saw a bevvy of investors lining up to hand over capital including European VC firms Talis Capital, Seedcamp, and SNÖ Ventures, as well as U.S.-based funds including Peter Theil’s Founders Fund, TQ Ventures, Coatue Management, Signia Venture Partners, and Rogue Capital Partners.
Angel investors include Kevin Lin, co-founder of Twitch, Mike Morhaime, co-founder of Blizzard and Dreamhaven, Amy Morhaime, co-founder of Dreamhaven, Marc Merrill, co-founder of Riot Games, Xen Lategan, and Eugene Wei.
“Massive opportunities continue to emerge in the interactive entertainment space as distribution and business models evolve,” comments Talis Capital principal Kirill Tasilov. “PortalOne is redefining mobile by unlocking new hybrid experiences at the intersection of games and video, and we are thrilled to be a part of their journey.”
Founded in 2018, the PortalOne platform mixes gaming with live shows that are embedded directly inside the game itself. In so much, the company is aiming to create an entirely new category of entertainment.
PortalOne opened its beta in June 2020 with PortalOne Arcade, a retro-themed universe that puts show’s guests inside classic game titles as well as in-house produced original content. Not just aiming to become a sole publisher, PortalOne is also ramping up capabilities to allow third-party creators access.
Building on the lure of the Ready Player One zeitgeist, PortalOne has partnered with retro gaming legend Atari, and has secured exclusive global distribution rights for the next seven years, and thus, the inclusion of classic gaming titles.
“We are incredibly fortunate to have been joined by a number of true icons and visionaries who immediately grasped the unique potential of PortalOne,” adds CEO Bård Anders Kasin. “To get such strong backing from so many industry innovators at such an early stage of this journey is something you can only dream of.”