Why Transcend Invested In Ruckus

Transcend is excited to share news of our lead investment in the oversubscribed Seed Round for Ruckus Games, a leading AAA PC/console developer headquartered in Frisco, Texas.

The Transcend team, in prior operating roles, identified significant, growing demand for next generation PC/console games all the way back in 2016. Our thesis then was relatively straightforward - next generation connected consoles were inbound, Microsoft was pushing aggressively into subscriptions with their Game Pass offering, Microsoft was connecting Xbox to PC and there simply was not enough AAA PC/console game content available to fill the ‘shelves.’

Today, the opportunity for PC/console games remains massive. Newzoo expects these platforms to collectively generate $91Bn in revenue worldwide, approximately the same size as the market for mobile games. Covid-related supply chain issues on the hardware side are ameliorating. We maintain the future remains bright for PC/console game developers and are actively cutting checks to the very best teams. Ruckus Games is one of those teams.

Ruckus was founded in August 2021 by veteran developers formerly of Gearbox Software and Riot Games. The 7-person co-founding team has been instrumental in the creation and success of the Borderlands IP, Elder Scrolls Online and collectively have made over 25 games across multiple platforms that have grossed in the $-billions. The team brings decades of development and leadership experience in design, art and technology. Their focus at Ruckus is on cooperative gaming, emergent gameplay, stylized and unique characters, and player agency. The player is our hero.

“When we were looking at making a studio and Ruckus’ first game,” said Paul Sage, CEO of Ruckus Games Inc. “we wanted to bring the creative risk-taking we see in independent studios into the gaming mainstream, giving our developers a much-needed voice in the industry they’ve helped to build. That benefits players when we do it right – they get to play something unique, filled with passion, and chock-full of stupid amounts of fun. What could be better?”

A STUDIO BUILT DEVELOPER FIRST

Ruckus is fully remote, with about a dozen people today and plans to grow to around 30. The founders left Gearbox to build the kind of studio they wanted to work in: one where every team member has a say in the game, and where studio policies put family first. That culture is a recruiting advantage. The best developers can live where they want and still do the work of their careers, and Ruckus can hire them wherever they are.

A NEW IP BUILT FOR PLAYING TOGETHER

The studio’s first game is a brand-new IP: a cross-platform cooperative shooter set in the suburbs, with survival and crafting at its core and plenty of humor. It runs on the team’s own procedural technology, so every session can play out differently. That is the emergent, cooperative play this team built its reputation on, and it is being made for PC and consoles from day one.

"Ruckus Games is redefining emergent multiplayer gameplay without pulling any punches on their creative and technical excellence,” said Andrew Sheppard of the Transcend Fund. “We are excited to partner with CEO Paul Sage, a proven studio leader and creative, and his talented team to bring their multi-game production vision to life."

UPDATE · SINCE WE INVESTED

NOV 2024   Ruckus raises a $19M Series A led by KRAFTON. Read: Congratulations, Ruckus

OCT 2025   Ruckus reveals The Holdouts and opens Steam wishlists. Steam

JUN 2026   The Holdouts opens playtests. MassivelyOP

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ABOUT ANDREW SHEPPARD

Andrew is Managing Director at Transcend. A gaming executive with over 20 years of operational experience, he has built consumer businesses generating over $6 billion in revenue across console, PC, and mobile. Previously, Andrew was President of Studios at Kabam, where he drove 100%+ annual revenue growth, scaling the company to $400M in peak ARR and a $1B+ exit. He also served as CEO of GREE International and Head of Strategy at EA Maxis. Andrew holds an MBA from UC Berkeley Haas and currently serves on the boards of GDEV (NASDAQ), Virtuos Holdings, Ruckus Games, Fun Country, Eggscape, Live Aware Labs, and WeLevel.

ABOUT TRANSCEND

Transcend is a top quartile early-stage venture firm that backs AI-native entrepreneurs building the next generation of interactive entertainment. In a $263B global industry where AI is rewriting the economics, we partner with the founders leading that shift from pre-seed through Series A. Founded in 2020 by veterans with 70+ years of operator experience and $10B+ in lifetime revenue. Learn more at transcend.fund and follow us on LinkedIn.