PitchBook analyzed the new normal for gaming VC trends in Q1.
PitchBook analyzed the new normal for gaming VC trends in Q1.
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Gaming VC activity settles into a new normal in Q1 | Pitchbook

  • Posted byby Dean Takahashi
  • Updated
  • 6 min

In the first quarter, gaming VC activity may have finally settled into a new normal — though it’s a leaner, more selective market, according to an analysis by PitchBook.

Q1 funding dipped 3% QoQ to $1.2 billion across 134 deals, the lowest deal count since mid-2019. As early-stage investments continue to shrink, investors grow increasingly discerning, and the M&A and exit environment remain muted, there are still bright spots: investment surged into back-end gaming infrastructure and AI-powered platforms, with standout deals like Bria’s and Beamable’s Series As.

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Written by

Dean Takahashi

Dean Takahashi is editorial director for GamesBeat. He has been a tech journalist since 1988, and he has covered games as a beat since 1996. He was lead writer for GamesBeat at VentureBeat from 2008 to April 2025. Prior to that, he wrote for the San Jose Mercury News, the Red Herring, the Wall Street Journal, the Los Angeles Times, and the Dallas Times-Herald. He is the author of two books, "Opening the Xbox" and "The Xbox 360 Uncloaked." He organizes the annual GamesBeat Next, GamesBeat Summit and GamesBeat Insider Series: Hollywood and Games conferences and is a frequent speaker at gaming and tech events. He lives in the San Francisco Bay Area.