Moon Beast Productions Secures $4.5M in Seed Funding

Moon Beast Productions has successfully raised $4.5 million in seed funding.

This investment round was spearheaded by 1AM Gaming, with additional contributions coming from 1UP Ventures, The Mini Fund, Overwolf, and Versus Ventures, alongside several angel investors. The studio plans to utilize this funding to craft a new and groundbreaking action RPG, aiming to challenge traditional design norms.

Founded in March 2022 by Diablo 2 veterans Peter Hu and Phil Shenk, Moon Beast added more muscle to their team with Erich Schaefer, co-creator of Diablo 2, stepping in as the chief creative officer the following year.

“In today’s tough funding landscape, we’re extremely grateful to have investors who share our vision,” said Peter Hu, president and co-founder. “Our philosophy isn’t just about working harder—it’s about working smarter. We’re designing reusable, data-driven systems that empower us to iterate quickly and achieve more with fewer resources.”

Phil Shenk chimed in, saying, “Following the crowd has never been our style. Throughout our careers, we’ve aimed to redefine genres. We were at the forefront, participating in creating ARPGs with Diablo and Diablo 2. In the years since, from Hellgate: London to Torchlight and Marvel Heroes Online, we’ve consistently pushed the boundaries of what players can expect from the genre.”