Merrill: Riot's $7M Series A required 1,000-player beta milestone
Marc Merrill · Riot Games: Brandon Beck and Marc Merrill · Dec 14, 2020 · at 55:22
Marc Merrill is the co-founder of Riot Games. He describes the funding milestones Riot had to hit while developing League of Legends in 2008–2009.
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“So that's because our venture raise, our first series A financing was actually tranched. So we got three and a half of the seven million dollars. And in order to unlock the second three and a half million, we needed to successfully run a beta test with a thousand concurrent players because that in the negotiation with the VCs, that was the mutually agreed milestone that like, okay, we're on track.”
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