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Theorycraft nets $50 million, hires former League of Legends game director

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Fledgling studio Theorycraft has raised $50 million in Series B funding to continue developing its debut project, a competitive team-based adventure codenamed Loki.

The funding round was led by Makers Fund with participation from NEA and a16z. Theorycraft was established around 18 months ago by industry veterans from Blizzard, Bungie, Riot Games, and Valve.

The U.S. company raised $37.5 million at launch to bolster its team with "diverse and driven" talent, with Chinese company NetEase leading that initial investment round.

Since then, Theorycraft has added developers with experience on franchises including Valorant, Overwatch, League of Legends, and Arcane to its ranks, and has now announced another major hire by bringing former League of Legends game director Jonathan Belliss into the fold.

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