Online Gaming

The online gaming industry turns virtual adventures into real-world passions.

Playing the future today

The popularity of mobile gaming is skyrocketing, the esports sector is growing, and the high-speed Internet is becoming more accessible… Fueled by these drivers, the online gaming industry is soaring, with its market size projected to reach a staggering $147.9B by 2032.

Why it matters:

It all gives rise to abundant opportunities within the sector:

  • AR and VR
  • Mobile, cloud and casual gaming
  • Esports
  • Cross-play platforms

Between the lines:

Not only opportunities are waiting for you, but also challenges.

  • And, first of all, it’s a competition. Over 3B online games are available globally. Plus, top dogs like Activision Blizzard, Electronic Arts, and Ubisoft and a constantly rising number of startups (over 1K).
  • Second, it’s regulations. Standards differ regionally and internationally, making it hard for new entrants to secure necessary funding.

We’ve worked with numerous online gaming startups and mastered creating businesses that captivate investors

Secured in funding
Startups boosted
Industries spanned

What we do:

We provide fundraising assistance, manage M&A deals, and deliver strong market blueprints and persuasive pitch decks.

Go deeper:

Explore our online gaming market research to find out useful insights on funding, market potential, and challenges.

2x growth
The online gaming market is forecasted to reach $147.9B by 2032, showcasing the 2X growth.


Over 1.1 billion users play video games globally.

Driven by the growing popularity of mobile games, the boost of esports, and the increasing availability of high-speed Internet

Mobile gaming accounts for over 50% of global online gaming revenue.


The global esports audience reached 532 million in 2022.


Of population globally was using the Internet in 2022.


In 2022, the online gaming venture capital saw an almost 3X growth, hitting $3.9B

Key verticals:

  • Mobile gaming
  • Esports
  • AR and VR gaming
  • Cloud gaming

Leading online gaming investors

Write to us to know more

Hurdles online gaming startups face

In the world of online gaming, competition is tough, regulations are tight, and starting costs are high.

High creativity costs:

Rule number one: have deep pockets. As you need to invest in a talented team and marketing and advertising campaigns.

A case in point: the development of Call of Duty: Modern Warfare 2 cost around $250M, with $50M spent on development and the rest $200M on marketing.

Why it matters:

Limited funds can cause:

  • Tech issues
  • Weak game content
  • Company shutdowns

A case in point: in 2023, Volition and Daedalic Entertainment bit the dust due to financial issues leading to tech bugs and a wave of negative customer reviews.

Tough game rules:

Prepare to adjust to ever-changing regulations.

A case in point: a 28% goods and services tax has been imposed on the online gaming sector. As a result:

  • Rush Gaming Universe, a gaming company, has fired 55 employees.
  • Quizy, an online gaming startup, threw the towel.

Why it matters:

Inability to adhere to all the existing online gaming regulations may lead to:

  • Layoffs
  • Funding hurdles
  • Companies’ shutdowns

What it takes:

To address this challenge, online gaming startups should:

  • Hire legal professionals
  • Obtain all the necessary licenses
  • Invest in relevant tech solutions
  • Ensure transparency in all the operations

Fierce rivalry:

A cutthroat playground with over 3B online games is waiting for you. While it’s relatively easy to break into the market, rising above the competition and making a mark is a whole different ball game.

Why it matters:

Gamers desire immersive, lifelike worlds with top-notch graphics, captivating content, and an outstanding gaming experience. And those failing to innovate risk to face adverse consequences.

A case in point: Babylon’s Fall—a live-service action role-playing game—faced a commercial downfall in 2023 due to its poor content, repetitive gameplay, and tech issues.

What it takes:

To gain a competitive advantage, online gaming startups need to:

  • Offer innovative gameplay
  • Build a loyal community
  • Leverage advanced tech like AR and VR, AI, and blockchain
  • Develop robust marketing strategies and business models
  • Scale globally

Funding riddle:

Competitive nature, investors’ concerns about market saturation, and unpredictable success of gaming projects… All this influences the funding process.

Why it matters:

If you fail to secure funds, be ready for:

  • Limited growth potential
  • Creative standstill
  • Market edge loss
  • Roadblocks in talent retention

What it takes:

Getting financial backing requires:

  • Building a prototype
  • Solid business plan and financial model
  • Networking and attending pitch events
  • Partnerships
  • Flexible scaling


What makes the industry appealing for online gaming financing opportunities?

Large and growing market ($147.9 billion by 2032), global reach, diverse range of products (mobile games, PC games, esports, and console games), large customer base (over 1B gamers worldwide), and high potential for innovation (AR and VR) make the online gaming industry a tidbit for investors.

What is the current size of the online gaming market, and its potential for future online gaming startups?

In 2023, the online gaming market size was $61.7B. It’s expected to double by 2032, growing annually at 10.2%. With such market size and investors’ interest, the online gaming sector has a huge potential for startups, from mobile gaming to tech advancements.

How challenging is it to secure funding for online gaming startups nowadays?

It may be challenging to attract investments in the online gaming industry owing to the current economic state, competition, and the general viability of the startup’s business plan.

How long does it take to create an online gaming pitch deck and a financial model for an online gaming startup?

To finish all these documents, our experts need around two to three weeks, in general. However, if the team has lots of tasks and the project is complex, it may take us up to one month. Contact us to discuss the timelines individually.

What are the key mistakes online gaming startups make in their pitch decks?

Most online gaming startups lack a persuasive investment storyline. Like this, venture capitalists don’t get the full picture and may shift their focus on a more promising and urgent project. Plus, the absence of a competition slide. It may be a sign of your not knowing how to outrun the rivals. In such a saturated market, competitive analysis comes first.

What are the main challenges online gaming startups face, and how are they tackling them?

First of all, it’s a competition. Yes, the online gaming industry is highly competitive, and startups must be ready to face it. Second, it’s a highly regulated landscape with rules changing and being created all the time. Third, high initial prices, as developing a high-quality game may cost millions. Many companies focus on a specific niche, innovations, and effective marketing.

How competitive is the online gaming market?

The online gaming market is fiercely competitive, with over 3 billion online games available. Moreover, the top dogs (Activision Blizzard, Electronic Arts, and Ubisoft) are trying to secure their dominance, while the number of new entrants is constantly growing (over 1K nowadays).

What services do you provide for investors who are either considering or have already invested in online gaming startups?

Our extensive investor package includes due diligence on online gaming projects, the creation of a comprehensive and visually rich online gaming pitch deck, and an impeccable fundraising game within the online gaming sector and beyond.

Do you provide online gaming M&A support?

Sure! Our team of experts ensures pinpointing online gaming M&A opportunities, seamlessly guiding you through every step—from the initial deal search and valuations to comprehensive due diligence and post-deal collaboration.

Do you make intros to online gaming VCs?

Certainly! Our experts help you reach the relevant online gaming VCs. Plus, we evaluate your project based on such aspects as team composition, round size, and product, ensuring beneficial cooperation with investors from the initial meet-up to a post-deal collaboration.

Do you provide comprehensive online gaming market research on request?

Yes, we do! Our comprehensive online gaming market research includes industry reports, competition analysis, etc. We use only reliable data sources to collect the most relevant information for you, such as the industry’s challenges, market trends, and competitive dynamics.

Which online gaming startup funding stages do you assist with?

Our specialists provide growth and fundraising support for online gaming startups, accompanying them from their initial Pre-Seed phase right up to Series C and further.

Looking to get into the online gaming industry? Reach out, and let’s talk!

Whether you're looking for fundraising support, outsourced M&A advisory, growth strategy consulting, and presentation design, Waveup is your one-stop shop for that and more. Leave your email, and let’s discuss your project!

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