Moon Beast Productions Secures $4.5 Million Investment to Transform the ARPG Landscape

Image credited to Moon Beast Productions

Independent studio Moon Beast Productions has successfully raised $4.5 million in initial financing.

This funding round was spearheaded by 1AM Gaming, with support from 1UP Ventures, The Mini Fund, Overwolf, Versus Ventures, and a group of angel investors including Gaingels, Cohh Carnage, and Model Pincus.

Moon Beast was discreetly founded in 2021 (before gaining attention in 2022) by seasoned professionals Phil Shenk, Peter Hu, and Erich Schaefer, all of whom previously contributed to Diablo and Diablo II at Blizzard.

The studio is located in San Francisco and may utilize this financial boost to expand its team and fund its inaugural project, which is described as an “innovative Action Role-Playing Game (ARPG) that redefines traditional design conventions.” While they plan to make new hires, Moon Beast has stated it will maintain a “lean, focused strategy” for production.

“In today’s challenging investment landscape, we’re extremely fortunate to have backers who believe in our vision,” remarked Peter Hu, president and co-founder, in a statement. “Our strategy has always been about working more intelligently, not just harder. We are developing reusable, data-driven systems that enable us to rapidly iterate and achieve more with less.”

CEO Phil Shenk expressed that the company aims to transform ARPGs by emphasizing freedom and replayability, expanding what players can expect from the genre.

Chief Creative Officer Erich Schaefer indicated that this involves creating more open, dynamic worlds by harnessing the latest technologies. Moon Beast will also implement in-game tools that allow players to generate user-created content, including entirely new game modes.

“We finally possess the technological resources and decades of design expertise to turn those ideas into reality,” Schaefer added. “We’re returning to what made those early Diablo games feel so incredible while steering them in exciting, novel directions.”