Mountaintop, a hot gaming startup set up by an Oculus cofounder, looks to have raised a fresh $20.5 million

• Game developer studio Mountaintop Studios has raised at least $20.5 million, a filing shows.
• The startup was set up by Oculus alumni including cofounder Nate Mitchell.
• Mountaintop is developing a player-versus-player tactical shooter.

According to an SEC filing, Mountaintop Studios, cofounded by Oculus alumni Nate Mitchell and Matt Hansen, has raised at least $20.5 million in additional funding.

The startup has raised $20.5 million in Series A funding, with a target of $25 million stated in the filing.

The document does not name an investor, but it does state that seven backers have participated thus far.

Mitchell declined to make an on-the-record comment. The final details of the fundraising campaign may change.

Mitchell cofounded Oculus VR, best known for its futuristic virtual-reality headset, in 2012 with Palmer Luckey, Brendan Iribe, and others. In 2014, Meta acquired the company, which influenced the social network’s refocus on virtual worlds, or the metaverse. Mitchell remained at Meta as head of VR product until 2019, when he left to cofound Mountaintop Studios with former Oculus executive producer Matt Hansen.

The San Francisco-based startup aims to foster a more collaborative approach to game studios and has spent the better part of the last three years developing a “PvP tactical shooter game,” according to its website.

The pandemic fueled a surge in the gaming industry, with consumers purchasing video consoles in the midst of stay-at-home orders. Venture capitalists invested a record $17.2 billion in gaming startups in 2021, making it a banner year for the industry. According to the World Economic Forum, the industry is expected to be worth $321 billion by 2026.

According to Pitchbook, Mountaintop received $30 million in Series A funding from Andreessen Horowitz in summer 2021, with participation from Founders Fund, Spark Capital, and Detroit Venture Partners. The round increased the company’s valuation to $86 million.

Andreessen Horowitz partner Jonathan Lai is listed as a board member on Mountaintop’s SEC filing, and co-leads the venture capital firm’s games-focused Games Fund One. A request for comment was not returned by the venture capital firm.