Arctic Theory raises a $2m round from Brunnur

The Icelandic gaming studio Arctic Theory was founded by gaming veterans Gísli Konráðsson, Matthías Guðmundsson, Snorri Sturluson and Jón Bjarni Bjarnason. The four of them all have connections in some way to CCP Games and EVE Online which connects them. However, individually they also boast impressive resumés, where parts of the team were a part of the founding team of Directive Games, while others have worked at EA and for Epic Games.

The investment comes on the back of an initial investment into the company by the founders as well as a grant from the Technology Development Fund last year. With this increased capital Arctic Theory aims to grow from 8 to 20 people and release their first game in the second half of 2023.

According to Gísli, co-founder and creative director, Arctic Theory and the idea behind it originates in the changes happening in online communities. “In the past few years, online multiplayer games such as Minecraft and Fortnite have blown open what it means to be a video game and created a foundation for the metaverse.

Legacy social media, such as Facebook, are fighting to keep users and to adapt to this new world to varying degrees. We’ll use our experience to create an MMO that can lead the way in creating new metaverses.”