What 1Up Ventures does

1Up Ventures is a Kirkland, Washington-based venture capital firm founded in 2019 that invests exclusively in independent game development studios. The firm operates two funds (Fund I launched at founding and Fund II launched in 2023) and has built a portfolio of more than 35 game studios across both funds, spanning multiple genres, platforms, and geographies. 1Up deliberately avoids platform or pure technology investments and functions exclusively as a minority co-investor, deploying a 'standard amount/percentage' alongside lead investors such as BITKRAFT Ventures, KRAFTON, Griffin Gaming Partners, and strategic corporates like Riot Games.

The firm does not develop proprietary technology. Its core offering combines capital with community: a curated network of indie founders, public educational resources (including GDC talks on equity investing and funding landscapes), and advisory support from a partner group anchored by Ed Fries (former Microsoft VP who led Xbox game publishing), Kelly Wallick (founder of Indie MEGABOOTH and former IGF Chairperson), and Emily Greer (co-founder and ex-CEO of Kongregate and Double Loop Games). Fund administration is handled by Chris Wheaton, a Stanford MBA with 20+ years of operating experience.

Revenue mechanics follow a standard VC structure: management fees on committed capital across Fund I and Fund II, plus future carried interest from successful exits. The 4-person team markets through portfolio showcases, conference talks, and a public studio submission form. As of 2026 the firm is publicly not making new investments or scheduling pitch meetings, while continuing to support its existing portfolio.

Name

1Up Ventures

Legal name

1Up Ventures

Website

https://1upfund.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

1Up Ventures is a Kirkland, USA-based venture capital firm founded in 2019 that invests exclusively in independent game development studios across two funds. The 4-person team, led by former Microsoft VP Ed Fries, co-invests as a minority partner alongside other gaming-focused VCs.

Ownership category

akta.pro rank

Product category

Venture Capital - Gaming

NAICS

Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)

akta.pro secondary industry

Accelerators & Incubators (Investor-Operated) (FSANAAAM)

Keywords

• Venture capital funds
• Game studio investments
• Seed stage funding
• Indie game studios
• Community-led investing

Headquarters

HQ city

Kirkland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Investment Returns: As a venture capital firm, 1Up Ventures generates returns through equity investments in game development studios. The firm invests in games and content-focused studios, taking minority stakes and supporting founders through community building.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

1Up Ventures is a venture capital firm that provides seed and early-stage equity investment to independent game development studios. It operates two funds (Fund I and Fund II), typically co-invests rather than leading rounds, and supplements capital with a community of indie developers, industry mentorship, and educational resources such as GDC talks on game funding.

Product overview

1Up Ventures is a venture capital firm that operates two investment funds (Fund I and Fund II) focused exclusively on independent game development studios. Rather than offering a traditional SaaS product, the firm functions as an investment vehicle that provides capital to game studios, along with a community network and educational resources for indie developers. The firm's investment approach emphasizes games and content-focused studios, avoiding platforms or tech-focused ventures. The portfolio companies span across multiple game genres and platforms, with the funds co-investing alongside other gaming-focused VCs like BITKRAFT Ventures and Griffin Gaming Partners.

Differentiator

Problem solved

Functional benefit

Products and services

• Fund I (1Up Fund I) First venture fund of 1Up Ventures providing seed and early-stage equity investment to game and content-focused studios across indie to AAA, with portfolio support and community access.
• Fund II (1Up Fund II) Second venture fund of 1Up Ventures continuing seed-stage investing in independent game studios across platforms, audiences, and genres.
• Indie Developer Community & Educational Resources Free, non-paid community and educational offerings for independent game developers, including portfolio showcase, resources page, and GDC talk recordings on studio funding.

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• BITKRAFT Ventures: Dedicated gaming and interactive media venture firm that frequently co-invests with 1Up (e.g., leading the Stoke Games seed). Operates a similar seed/early-stage check size and thesis around games-focused founders, making it the closest comparable peer.
• Griffin Gaming Partners: One of the largest dedicated gaming VCs with $1.5B AUM. Targets seed through growth stages in game studios and gaming-adjacent companies — directly overlapping 1Up's mandate but at meaningfully larger check sizes.
• Andreessen Horowitz (a16z Games): Andreessen Horowitz's $1.2B gaming fund invests across the gaming stack from seed to growth. Overlaps directly with 1Up's seed-stage games thesis while offering platform-level brand and follow-on capital 1Up cannot match.
• Makers Fund: Games-focused VC investing from seed to growth in interactive entertainment. Co-invests alongside 1Up in game studios and competes for the same founder mindshare in the indie games ecosystem.
• Sisu Game Ventures: Early-stage games VC with a seed/Series A focus; co-invested with 1Up in Torpor Games. Operates a similar seed-check, founder-supportive model and targets the same indie-to-AAA studio segment.
• Play Ventures: Seed-led gaming VC with multiple funds (Game Fund I/II and a Sports Fund). Directly comparable in stage, check size, and exclusive games focus; competes for the same seed-stage game studio pipeline.
• London Venture Partners (LVP): Long-running games-only seed fund co-founded by a former Ubisoft executive. Highly comparable in seed-stage, games-only focus and indie-friendly investment posture.
• Galaxy Interactive: Interactive entertainment and gaming-focused VC investing from seed onward. Overlaps with 1Up's seed thesis and frequently co-invests in the same category of gaming startups.
• Hiro Capital: Games, esports, and metaverse-focused seed/Series A investor. Comparable fund size and stage, with a similarly games-exclusive mandate and founder-friendly posture.

Emerging players

• Transcend Fund: Emerging games-focused seed fund. Comparable in mission and stage but smaller and earlier in fund cycles; an emerging player rather than a direct scale competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/1upfund
• LinkedInlinkedin.com/company/1upfund
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments65 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 1Up Ventures