1AM Gaming Research
Investment Thesis
1AM Gaming VC is a Santa Monica-based venture capital firm that invests in "game industry-leading content, platforms, and technology." The firm's stated edge is operator pedigree: its partners have started and exited companies, shipped games on mobile, PC, and web, and driven revenue internationally at organizations including Google, Riot Games, Deloitte, Carlyle, Bessemer, Fox, and Warner. The firm explicitly favors founders with track records at major gaming franchises such as League of Legends, World of Warcraft, Call of Duty, Apex Legends, Candy Crush, and Hearthstone, betting that veteran operators from AAA and live-service studios are best positioned to build the next generation of gaming companies.
Stage Focus
1AM Gaming invests at the early stage, primarily pre-seed and seed. Third-party sources (Tracxn, InvestGame, aVenture) consistently describe the firm's portfolio as early-stage, operator-led gaming bets rather than growth-stage or late-stage positions. The firm's own site does not publish stage bands, so this should be treated as directionally reliable but not firm-confirmed.
Check Size
External sources place typical check sizes in the $2M-$3M range, consistent with a firm writing lead and co-lead checks into seed rounds (e.g., the $3M Hydratac raise below). No check-size figures are published on the firm's own website.
Lead Tendency
1AM Gaming appears comfortable leading rounds. It was reported as the lead investor (alongside HGM Fund) in Hydratac's ~$3M seed round in late 2024/early 2025, and board seats taken by partner Dan Bunting (e.g., at Hydratac) suggest an active, hands-on involvement style rather than purely passive checks.
Fund History and AUM
The firm traces back to a gaming-focused fund that Gregory Milken and Frank Liquido began running out of March Capital starting in Q4 2019, before spinning out as an independent firm, 1AM Gaming VC, in Q2 2023. As of mid-2025, the firm reported approximately $120M in assets under management, split across two funds, and had deployed capital into roughly 20 portfolio companies.
Recent Activity
The clearest recently documented deal is Hydratac, a military-simulation shooter studio led by CEO Louis Gresham (a former venture capitalist) with 1AM Gaming venture partner Dan Bunting (former Treyarch studio co-head) sitting on the board. 1AM Gaming led Hydratac's $3M initial funding round alongside HGM Fund (founder Par Chadha), reported by GamesBeat in February 2025 with a planned 2025 PC/Steam Early Access launch for the game's close-quarters-battle mode.
Portfolio Highlights
The firm's public portfolio (per its own site) spans roughly 20 companies across game studios, gaming platforms, and adjacent technology: Dorian, Communix, DreamCraft, DropFake, DSTLRY, Empty Vessel, Gridrival, Gulliver's Games, Hydratac (listed on-site as "Hydra"), Legion Studios, Lightfox Games, Loric, Magic Potion Games, Moon Beast, Octopus Panic, Operative Games, Notorious Studios, Playgig, Rooter, and Treesplease. External trackers (Tracxn, PitchBook) single out DSTLRY and Empty Vessel as among the most notable investments in the book.
Team
- Gregory Milken, Managing Partner - Co-founder; began the gaming investing practice at March Capital in 2019 before spinning out 1AM Gaming in 2023. Operator background spanning company founding/exits and international revenue roles.
- Frank Liquido, Managing Partner - Co-founder alongside Milken; shared operator background shipping games across mobile, PC, and web and driving international revenue at large gaming and media organizations.
- Dan Bunting, Venture Partner - Former Treyarch (Call of Duty) studio co-head; sits on the board of at least one portfolio company (Hydratac), indicating hands-on, operator-style board involvement.
- Joe Yuan, Venture Partner - Venture partner supporting the firm's sourcing and diligence; no further public biographical detail is available from the firm's website.
Decision Process
With two managing partners plus two venture partners actively engaged (including board seats), 1AM Gaming operates as a small partnership rather than a solo-GP shop, though the firm does not publish a formal decision-process description.
Founder Preferences
The firm's site is explicit: it wants founders who have shipped and scaled at recognizable gaming franchises and platforms, valuing operator credibility (prior founding/exit experience, revenue-driving roles at major studios/publishers) over first-time or non-gaming-industry founders.
Geographic Focus
Headquartered at 429 Santa Monica Blvd, Suite 330, Santa Monica, CA 90401. The firm's website does not state an explicit geographic mandate, and its portfolio is not obviously geo-restricted, though its LA-based team and network suggest a natural concentration among US-based, and particularly Southern California / West Coast, gaming studios.
Gaps and Uncertainties
The firm's own website is thin on quantitative detail (no published stage bands, check sizes, fund names, or portfolio company domains/stages). Figures for AUM, check size, and stage focus above are sourced from third-party trackers (Tracxn, InvestGame, aVenture, PitchBook) rather than firm-published data, and should be periodically re-verified. Most portfolio company domains could not be confidently confirmed from the sources reviewed and are intentionally left blank pending automated domain discovery.