The video game studio Arrowiz revealed today closing its Series A investment round led by Tencent for multi-million USD for a minority stake in the company. The studio founded by Horace Xiong (CEO), Justice Liu (COO) and Michael Chua (CFO), will use the funds to increase its production capabilities and empower the studio creative minds with the best tools and resources.
Arrowiz now has 30 employees and is set to outpace its original goal of 40 by the end of the year and doubling this headcount in 2022. The studio, working both on original and licensed content, now counts 2 games in production, and is expecting to start a 3rd project by the end of 2021.
Arrowiz CEO and Co-founder Horace Xiong says "We feel honored to strengthen our cooperation with Tencent with this investment. As a studio with genuine global ambition, we are forming multiple collaborations with partners across different continents. Arrowiz will keep focus on both original initiatives and well-known IPs to deliver appealing stories to the worldwide audience. Tencent as our key partner in China not only values our unique strategy but also supports us in maintaining independence on both creative and publishing choices."
Arrowiz CFO and Co-founder Michael Chua adds "Tencent is a major partner for us, and we are grateful for their confidence and commitment to our studio. We have grown the studio exponentially and it is our ambition to launch one title each year. This investment is part of the fuel that will help make this happen."
Arrowiz previously received a seed round of $900K from an angel fund and other private investors to explore VR opportunities before establishing itself as a storyteller with its most recent title, Hermitage Strange Case Files, becoming an inspiration and foundation for its new strategy and future titles.