1047 Games is the developer of ‘Splitgate: Arena Welfare’, a free-to-play multiplayer game in the first-person shooter (FPS) genre. The company launched Splitgate’s early beta on PCs in 2019 and console beta in July 2021. As of September 2021, Splitgate was on ‘open beta’ and has been a breakout success with 13 million downloads. The game is inspired by Valve’s Portal and Portal 2, which launched in 2007 and 2011, respectively. Splitgate combines elements of sci-fi games and player-controlled portal mechanics, considered to be redefining the FPS genre. The game is currently monetized through the sale of a battle pass and skins (character outfits).
In September 2021, 1047 Games raised USD 100 million led by Lightspeed Venture Partners at USD 1.5 billion valuation. The company intends to allocate these funds into building out its team of developers and artists. Prior to this, the company had two more funding rounds also in 2021 (USD 6.5 million in May and USD 10 million in July).