Dazzle Rocks raises $6.8 million for Minecraft-like mobile MMO
Wednesday June 10 2020
[Click here to view article on venturebeat.com]
Galaxy Interactive today announced its $6.8 million Series A investment in mobile sandbox MMO developer Dazzle Rocks. It is the sixth such investment in a gaming start-up the venture capital firm has announced this year. Five of those announcements have been made after the World Health Organization declared COVID-19 a pandemic on March 11.
“We’re very much open for business”
- Sam Englebart
"We're very much open for business," he says. "I do think the reality of the world we're in now is a day-by-day situation, and anybody that tells you otherwise is fooling themselves. We have a lot of dry capital to invest, and I think great businesses are built in difficult times." As COVID-19 was first unfolding in headlines, Englebardt said the priority for himself (and most venture capitalists, he believes) was simply to check in with his portfolio companies and ensure they had what they needed to get by. After that, he turned his attention to the companies that were in discussions to join Galaxy's portfolio.
"We took a position as a firm and a fund that any deals where we'd signed term sheets and made commitments to founders prior to the world blowing up, we were going to honor and close and get those done," he says. "So I've spent a lot of time in the last weeks just making sure the deals we substantially started, we were still able to do." So what about new deals? Englebardt wants to keep making investments, but he admits those deals are just harder to do now.
"Venture is such a people-driven business," he says. "You're partnering in a lot of cases with entrepreneurs for years and years. And we're all kind of learning how you do that in a world where you're meeting people by phone or video conference. You're not able to sit in a room with them and read their body language, or have a meal or a drink with them and just get to know them." As Englebardt explains, "The bar is undoubtedly higher now than it was a month ago in terms of checking the box to say, 'Is this a business I want to build today? Is this a team I want to back today?' Because in most cases, there's value to taking a breath and seeing what happens over the next few months. I don't think there are so many opportunities that are so compelling that it's not worth waiting a beat.