Minneapolis gaming startup Evolve has hit the million dollar funding mark with another $250k in angel financing on top of the $750k previously raised, bringing the coffer to $1m.
Evolve got its start in 2005 in response to the growing number of desktop gamers who existed in isolation, walled-off from each other due to closed, proprietary online gaming networks. The technology acts as a real time matchmaker across an open network of over 3,000 games and earns revenue through a subscription model. The capital comes in as the company adds to its 770k members toward a projected 1M by year-end.
“Investors are warming up again to PC-based gaming platforms,” Co founder Adam Sellke says, pointing to heightened deals like streaming service Twitch bought by Amazon and Microsoft’s Minecraft acquisition.
Sellke says that a larger Series A round is imminent, with a premature term sheet offer recently passed on. “I think we’ll be in an even stronger position with investors down the road.”
With the new funds, the team is moving beyond the original founding technical team, hiring for front-end, back-end and client side engineering roles. To that end Evolve is throwing a themed party on Oct. 15 in Northeast Minneapolis to meet candidates and celebrate this milestone.