The best-documented gaming angels are communities of games-industry veterans, and no public source ranks them. Named groups include The Games Angels, founded by Nick Button-Brown in 2021, and PlayCap, a women-only network founded by Bibbi Wikman that writes $20,000 to $125,000 cheques. Individual angels such as Paul Heydon describe their own records, and the funding data is mixed.
Games are hit-driven, and judging a prototype, a team or a live-service plan takes people who have shipped games. The best-documented gaming angels in the public record are groups and individuals who say they come from the industry. This guide lists them with sources, then shows what the funding data says about the market they invest in.
Who are the angel investors in gaming?
In alphabetical order:
The Games Angels. A group of games industry veterans who say they have built successful games companies and invest in games and games-related start-ups. It says it is not a fund: members invest individually or as a syndicate, every investment is opt-in, and it welcomes angels from outside games. The Development Bank of Wales says Nick Button-Brown founded it in 2021.
Paul Heydon. On his AngelList syndicate page he describes 30 years as a founder, operator, investor and adviser, and as a former co-founder and general partner of LVP, a seed fund focused on games. He lists Supercell, Unity, Matchmade, Radiant Entertainment, Boomlagoon and Peak among his investments. These are his own statements, with no date on the page.
PlayCap. A network of women from the games industry that invests in studios, companies and game technology. Its site says it focuses on pre-seed and seed businesses with investments typically from $20,000 to $125,000 per deal at a maximum valuation of around $6 million pre-money, and also considers project financing for content-focused studios. GamesIndustry.biz reported in 2024 that angel investor Bibbi Wikman established it, and that it invests in companies led by women or men.
What does a games angel round look like?
A recent example is 10six Games, a new studio founded by games industry veterans Susan and Lee Cummings. In April 2025 the Development Bank of Wales announced a six-figure pre-seed round from a syndicate of 12 angels, led by Huw Bishop, including members of PlayCap and The Games Angels and backed by Angels Invest Wales. Match funding came from the Wales Angel Co-Investment Fund, an £8 million fund that offers equity and loans of £25,000 to £250,000 to syndicates.
Note the structure: a lead angel assembles a syndicate, community members join, and a public co-investment fund matches part of the round. If your studio is in a region with a co-investment scheme, ask each angel whether they use it.
The same announcement also shows who sits behind this community. It says Button-Brown has worked across tech and games for more than 20 years, including helping grow Improbable and taking Sensible Object to a trade sale to Niantic, and that he also chairs Outright Games and drives Funding Quest, a programme to improve the investability of UK games companies. It says the founders, Susan and Lee Cummings, previously set up Tiny Rebel Games. It also notes that the Wales fund's syndicates are managed by lead investors pre-approved by Angels Invest Wales, so ask who your lead would be before you count on match funding.
How is gaming funding doing?
The data points the same way: money is available, but early stages are thin.
InvestGame's Q3 2026 video game market update says private investment rose to $2.8 billion across 137 deals, with $2.0 billion of it in late-stage rounds. Its early-stage chart is headlined "Seed funding falls to a five-year low as capital shifts to Series A", with pre-seed and seed deal value of $0.1 billion, down 42% on a year earlier.
Konvoy, a games-focused venture firm, reported $373 million across 77 deals in Q1 2025 and, in its Q2 2025 report, $193 million across 60 deals, down 62% year on year.
Konvoy's Q4 2024 report found only 11.5% of games start-ups that raised a seed round raised a Series A within two years, against 20% to 30% for start-ups overall.
For European angels, EBAN's 2024 compendium puts entertainment, the closest category, at 9% of angel euros.
What do games angels look for?
The Games Angels says it looks for companies where its members can add value and help avoid the mistakes they have made themselves, and it values investors with first-hand experience. PlayCap sets a stage and valuation range. Beyond that, public criteria are thin, so these points are advice.
A playable build or a clear prototype, not only a deck.
A team that has shipped, or a named adviser who has.
A funding plan that reaches Series A, given the 11.5% graduation figure.
A realistic valuation. PlayCap's range suggests small, early rounds.
How should you approach them?
Pick the community that fits your genre and stage, and ask for a founder introduction. Read the gaming and interactive media investing guide and the media and entertainment guide for the thesis, how to join an angel group or syndicate if you want to invest, the pre-seed versus seed guide for round design, and the UK guide for co-investment context. The angel investing section has the rest.
Frequently Asked Questions
Q:Are there angel groups for games?
Yes. The Games Angels is a group of games industry veterans, and PlayCap is a women-only angel network in the games industry. Both publish how they operate on their own sites.
Q:How much do games angels invest?
PlayCap says it typically invests $20,000 to $125,000 per deal. The Games Angels' members invest individually, so amounts vary by member.
Q:Is it hard to raise a seed round in gaming?
InvestGame reports seed funding at a five-year low in Q3 2026, and Konvoy found only 11.5% of seed-funded games start-ups reached Series A within two years in its Q4 2024 report. Plan for a longer path.
Q:Do I need games experience to invest in games?
Not necessarily. The Games Angels says it welcomes angels from outside games, and PlayCap is open to women from the industry whether they are rookies or seasoned investors.