# Making Fun Creating the next generation of epic role-playing games for $200 billion phone / PC / console market - Canonical URL: https://wefunder.com/making.fun - Entity ID: wefunder:company:125211 - Last updated: 2026-06-20T05:01:01Z - Generated at: 2026-06-20T13:27:32Z ## Quick facts - Eternium: 37mm downloads, 7mm email subscribers, 4.8 star rating, $20mm lifetime revenue - Experienced global team, $100K/mo. revenue, high output with low cash burn - Rebuilding Eternium: more characters & story, new engine w/ better graphics, mobile & PC launch 2024 - Project Artemis next-gen action RPG: co-op multiplayer, Unreal Engine 5, mobile & PC launch 2024 - Significant progress: New games are playable and FUN, past risk points in development - Perfect time to invest: Products launch in 12 months; raising funds for completion & marketing ## Active fundraises - wefunder:fundraise:72763: 4(a)(6) successful (USD) - wefunder:fundraise:72764: 4(a)(6) successful (USD) ## Story We’re on the brink of something monumental. For years, we’ve developed, iterated, and dreamed big. Behind every pixel, every storyline, every character, was a shared commitment to creating unforgettable experiences. Who have we been doing this for? Players like you. Your enthusiasm and passion have been our guiding light.Now, we have a chance to solidify a partnership, a collaboration between our team and our most dedicated supporters. Imagine having a tangible stake in the adventures we embark upon, the narratives we weave, and the worlds we bring to life. This is about sharing aspirations, building community, and co-creating.Let’s not just play together. Let’s build, innovate, and redefine the gaming landscape together. Let your next journey with Making Fun begin!Video games are a massive market.Projected $221 billion in 2023 w/ 6.52% CAGR → $285 billion by 2027 (link)57+ mobile titles earned > $1+ billion in last decade (link)Fortnite launched mid-2017, made $5.1+ billion in 2020Epic (maker of Fortnite) valued at $32 billion in 2022 (link)Exits are numerous and frequent.$34.5 billion in video game M&As across 309 closed deals in 2021 (link) (link)Ex: Embracer paid $1.3 billion (10X+ revenue) for Gearbox Software. (link)Our goal is a 50-100X ROI to investors with a $1+ billion exit.Eternium players spent > $21 million in the gameMore features + better graphics + multiplayer → more $$$Only 4% of Fortnite revenue @ 5X revenue multiple → $1 billion exit(Forward-looking projections cannot be guaranteed.)Founder / CEO with track record of success in video gamesCo-led creation of first console multiplayer gaming network in U.S. (@ SEGA)Launched world’s first premium online games (@ web entertainment pioneer Shockwave.com)Diner Dash played by 100’s of millions of people (@ previously co-founded company, PlayFirst)Hidden Express peaked at 300,000 daily players (@ Making Fun, title still profitable today)Leveraging 2 decades of relationships for key partnerships.Eternium is one of the best mobile games.  Ever.Beautifully crafted action RPG live on Phones & Tablets (Apple, Google, Amazon) and PC (Steam, Microsoft Store)🚀 Coveted Editor’s Choice award on Google Play$21+ million lifetime revenue *37 million downloads22 million ratings2.5+ million reviews4.8+ stars on app stores7.5mm registered player emails32K daily players6K organic installs per day20 languages* Eternium net revenue to Making Fun is > $17 million net of app store fees.Expanding Brand w/ 2 New GamesMaking Fun to scale player reach & revenue by leveraging Eternium’s proven brand & play style in 2 new, modern action RPGs.Eternium had incredible success for a single-player game. The gameplay of Eternium is among the best ever created on mobile. Copying it provides an immense competitive advantage for the new titles.$1mm new funding to complete and launch both titles. Next-generation graphics and multiplayer features on modern game engines means each new RPG has the opportunity to 100X Eternium’s success.Revenue will spike with new content & features marketed to 7.5 million player emails.Game #1: The world is hungry for more Eternium!BIG additions to reactivate lapsed players:More story: finally face Ragadam! More playable charactersMore companions & petsMore levels, more enemiesMore event typesModernized art, FX & user interfaceDeveloped by Making Fun’s dev studio in United States + South AmericaBuilt on market-leading game engine, UnityGlobal launch on mobile phones + tablets + PC + Mac in 2024 (closed alpha in Fall 2023)See the Eternium Forum for development updates with video of gameplayTech is console-ready for future expansion, including gamepad controls at launchSee Eternium Forum for development updates and videos.Game #2: Project Artemis offers a vast open world to explore solo or with friends.✯ ✯ ✯ Sign up for the Fall 2023 closed alpha! ✯ ✯ ✯New brand set in vast medieval steampunk fantasy worldExtends Eternium’s award-winning gameplayCo-op multiplayer Blend abilities by adding a secondary character classExciting future scope w/ territory, guildsFrom Dream Primer, the makers of Eternium, who are the world’s best small-team RPG game developers!Created in Unreal Engine 5, the platform behind AAA games and blockbuster Hollywood feature films2024 global launch on mobile phones, tablets, PC, MacConsole-ready for future deployments as it is already super fun to battle w/ gamepads on big screens!See Eternium Forum for development updates and videos.Investment Thesis for High-Multiple Exit *Our goal is to 100X Eternium’s revenue to set up a billion-dollar exit.With Eternium, we are starting from an incredibly strong base.Gameplay is among the best ever created on mobile, also strong on PC.Monetization was solid for a single player game.Quality and financial performance created strong organic reach with little paid marketing.However, Eternium also had significant limitations resulting from its orphaned game engine.Difficulty adding features → slow evolution & no multiplayerThis limited Eternium’s monetization and retention potential, resulting in constant churn.Removing the game engine roadblock unlocks massive potential.Unity & Unreal engines built for rapid content and feature deployment including multiplayerPlayers who see each other in multiplayer care about how they look and spend more.Ex: Fortnite’s massive spending is primarily driven by players’ desire to obtain “skins”, cosmetic outfits that do not affect gameplay, only the player’s appearance.Higher retention and monetization → higher CLV → ROI+ acquisition at scaleQuickly scaling users & revenue attracts growth capital on friendly terms and, ultimately, suitors.* Forward-looking projections cannot be guaranteed.KPI & Financial Actuals (2022) & Projections (2023+) ** Forward-looking projections cannot be guaranteed.Experienced ManagementTalented Global Development TeamShipped several titles that built audiences of millions of playersMajority of team collaborating 10+ yearsHeadquarters in northern California + development in more cost-effective placesSummaryTalented global studio seeks capital via investor-friendly SAFE$221 billion market friendly to startups abundant with 5X+ revenue multiple exitsAdding new content + sequel + spinoff to hit franchise, EterniumLarge installed base, steady revenue, key partnerships, experienced team, fast time to market, low-cost development, attractive valuation caps“Downside” scenario is several-X return; upside is 50-100X return ** Forward-looking projections cannot be guaranteed.Download PDF of the pitch deck.CEO Letter ## FAQ 1. **Hi, please let me know the answers to these questions: a) What is your current burn rate (unless you are still profitable)? b) What is your current cash on hand? c) Are you raising a parallel angel or VC round simultaneously? If yes, who is investing in this round?** - Hello! Avg burn over last six months ending July was $82K/mo. Current cash balance is $642K. Not yet raising an additional angel/VC round, although we will likely start talking with VCs in a few months. 2. **Hi, I'm with D3VC, a venture fund that invests in equity crowdfunding deals. Could you please share with us how this year has been going for Making Fun, as well as any information you might be able to share on YTD figures?** - Hello, Zac. Sure, I am happy to provide additional color on our recent operations, subject to the disclaimer that these numbers are NOT reviewed by the outside auditor (as the other posted financials were) and the numbers are not yet final, as the revenue and some of the costs are booked but not settled. For our recent fiscal year ending June 30, 2023 we had a net loss of around $925K on revenue of around $1.67 million. For the three months ending July 31, 2023 we burned around $60K per ... 3. **1) What is the open rate for emails sent to your 7M subscribers? 2) What's the marketing plan for the new games (e.g., partnering with influencers/celebrities, giving away free skins, etc.)? 3) Going from net income of $188K to a loss of $925K is a stark reversal. Can you offe...** - Thanks for the Q's! 1)  We rarely send to the full list. When we do, open rates are in the 5-10% range. We send more frequently to recently active players, ~400K to ~1mm, where (throwing out the outliers on both sides) we typically see open rates in the low double digit %'s. In addition to email, we also reach our players in-game and on Discord, Forums, and social media channels. 2)  Our best marketers are our players and fortunately we have a lot of them. To unleash their full... 4. **I run a Facebook Hidden Express Group of over 4k loyal players, and it is only one group of many out there. This is the best game on Facebook. Hope it stays live for a longtime!** - Tracy, we greatly appreciate your strong support over the years for Making Fun and the Hidden Express player community. While the ‘pitch’ is mostly about Eternium, we have some big plans for Hidden Express as well, including a new feature coming soon. After carefully listening to our players’ feedback and input, we are excited to announce the upcoming launch of the “Reveal Room” in a brand-new format. We believe this redesign will deliver a revitalized experience to our players. Stay tuned fo... 5. **After checking the game's reviews on steam, and lurking in the discussions area, there are quite a few allegations from players regarding suspected paid for reviews, suppression/deletion of threads. Generally speaking, considering what's present in the bad reviews (extremely a...** - We care a great deal about our community and we work hard to make it a safe, honest and positive place. We do not buy reviews. We depend on critical conversations to understand how we can improve. We only delete threads that most people would agree are inappropriate in polite company and infrequent posts with a blatant ad for another product. You make a good point that expectations are different on mobile vs. PC. Eternium was a mobile-first game adapted for PC. It is considered an extremely g... ## Team - John Welch (CEO) - Alissa Welch (President) - Josh Quick (Head of Games) - Mauricio Alvarez (Head of Art) - Pablo Marcilio (Head of Engineering) - Sid Kapur (Graphics Technology Architect) ## Q&A - Q: how to claim the free 200 gems - A: We had a bit of a glitch, but the "claim" page is now working. Just scroll down and find the link to a secret page on EterniumGame.com and log in with your Eternium account. - Q: Please don't take this the wrong way, but... "$20mm lifetime revenue" "* Eternium net revenue to Making Fun is > $17 million net of app store fees." Where did all that money go and why are you looking to raise money now, seeing that Eternium was so successful? Don't get me wrong. I really want to invest, but I have to ask why you're seeking investment when $17M makes it seem like you shouldn't need any investment. Were expenses that high? What was the actual profit? Again, I'm not a developer, so I don't know what realistic costs should be. I'm not saying this is bad... I'm saying I don't know and need clarification. Thank you - A: Hello, Scott. Reasonable question, and I am happy to answer it. The money went to the care and feeding of Dream Primer and Making Fun employees over the last 10 years. In addition to Eternium, we used it to develop Runestrike, which never made significant returns. We used it to develop Project Artemis, the spiritual next-gen successor to Eternium, which will start letting players into a closed alpha next month. We used it to prototype several other games, as studios do, in the quest to find our next hit. We are SUPER excited about two of those projects, both the new Eternium Unity game (https://www.youtube.com/watch?v=8a2BPJBPDsA), which we are not currently focusing on, and the other unannounced project that we think has incredible potential (and faster time to market than completing the new Eternium Unity game). We have never been more excited about the future of the company than we are with these games in our near horizon! - Q: After checking the game's reviews on steam, and lurking in the discussions area, there are quite a few allegations from players regarding suspected paid for reviews, suppression/deletion of threads. Generally speaking, considering what's present in the bad reviews (extremely agressive predatory microtransactions model, critical lack of updates, allegations of censorship on the steam forums,...), I am unsure which crowd you plan to attract on PC, but from the feedbacks I could dig, and the very low amount of reviews (around 3000 only on steam), I'd say you're not doing it right (sorry, just speaking on what I've found so far). As an old gamer myself, as soon as micro transactions are present, I steer clear of the product, as many others do. While I know, and agree, the mobile game crowd is a lot more accepting of micro transactions for god knows what reasons, this is a format that has been proven time and time again to end up in a massive failure on pc in the medium to long term, usually tarnishing both the reputation and future revenues of studios, where only the most massive studios can withstand the consequences (diablo/blizzard probably being the best example out there). What is your plan on that front considering, with no offenses meant, that you are a tiny studio that probably would not survive any serious troubles? Lastly, I've checked what's available on steamdb, and it looks like Eternium never had more than 950 concurrent players on steam, and never really made a mark on twitch either. Historically, on pc, the game basically went completely unnoticed, and if anything, failed to build a meaningful crowd of followers for another game as well. Keeping all this in mind, what are your plans to deal/improve on all those points? I believe that without any serious plans to increase your player count, and more importantly, gain their trust and loyalty, any future games will not have any more impact than the next mobile game out there, as a such, investing into that, seems more than risky at this point. - A: We care a great deal about our community and we work hard to make it a safe, honest and positive place. We do not buy reviews. We depend on critical conversations to understand how we can improve. We only delete threads that most people would agree are inappropriate in polite company and infrequent posts with a blatant ad for another product. You make a good point that expectations are different on mobile vs. PC. Eternium was a mobile-first game adapted for PC. It is considered an extremely generous game in mobile free-to-play (games with microtransactions), which is why it owns one of the highest ratings on the Apple and Google stores at 4.85 stars. Players comment about how they don’t have to spend any money, which is exactly why they spend money - sometimes just to support us. While the Steam community has become open to F2P games in recent years, it is still not a popular model there by a long shot, and some people are downright haters on F2P. If you have a few minutes to visit our Discord server (https://discord.gg/eternium), you will find it to be a very supportive community. The great thing about ‘free’ is that you can walk away with zero expense if you are displeased. Still, I don’t disagree with your feelings about F2P. I hate spending a few dollars only to find it is wasted if I don’t spend more and More and then MORE. We don’t roll like that. Unfortunately, many companies do. At Making Fun, we design for an experience that is fun without spending any money. Maybe there’s a bit of a grind - sure, we want people to spend so we can eat. We optimize so spending a small amount gives a HUGE bump in fun and efficiency of play. We’re talking about a budget similar to one weekly trip to Starbucks. That’s where we optimize. Can people spend more? Sure, but nothing like certain other mobile RPGs, and it wouldn’t give you a top leaderboard spot anyway unless you are also an extremely highly skilled player. To answer your question about how to improve on these points, the only one we wish to change is having a lot more players on PC. Eternium only recently came out of Early Access on Steam, hence the vastly lower number of reviews vs. the mobile platforms. Also, PC wasn’t its native platform. The two new ARPGs are being developed from the start for mobile and PC, and with consoles in mind. Everyone that has a PC also has a phone. It is pretty cool to play while on the run and then sit down at home in front of a big monitor with a gamepad in your hand to continue playing the same game. That’s a huge attraction of our cross-platform games. - Q: I run a Facebook Hidden Express Group of over 4k loyal players, and it is only one group of many out there. This is the best game on Facebook. Hope it stays live for a longtime! - A: Tracy, we greatly appreciate your strong support over the years for Making Fun and the Hidden Express player community. While the ‘pitch’ is mostly about Eternium, we have some big plans for Hidden Express as well, including a new feature coming soon. After carefully listening to our players’ feedback and input, we are excited to announce the upcoming launch of the “Reveal Room” in a brand-new format. We believe this redesign will deliver a revitalized experience to our players. Stay tuned for more info! - Q: I am very interested in investing. I need to do more research. I have similar concerns as some of the previous comments. I would also like to know how I get my free gems? The process seems like a scam just to get people to follow the updates. - A: Overview, scroll down to the Summary section, click the link back to the Eternium website. You need to be logged in with the same account used to play Eternium. - Q: I have been playing Eternium on and off from pretty much the beginning and it seems to be the least updated game around. Just what are you doing with the $21 million that we players have spent on this game to date? 9 years now and still no sign of Ragadam. Or progress. - A: Thanks for playing! Eternium evolved and expanded considerably over the years. You are correct that it hasn't changed much in recent years - mostly just bug fixes and SDK updates required by Apple, Google, etc. Few new features and certainly no major new features in the past two years. During that time, we were working on other projects, including the two next-generation games that will launch in 2024. That said, we will have some exciting news to share very soon. We have been collecting input from the player community on Discord and the Forum and design efforts are underway for meaningful updates to the live Eternium game. We will start sharing some details of these plans next week. UPDATE: Please check out this video for the aforementioned detail: https://wefunder.com/updates/167489-big-news - Q: Hi, please let me know the answers to these questions: a) What is your current burn rate (unless you are still profitable)? b) What is your current cash on hand? c) Are you raising a parallel angel or VC round simultaneously? If yes, who is investing in this round? - A: Hello! Avg burn over last six months ending July was $82K/mo. Current cash balance is $642K. Not yet raising an additional angel/VC round, although we will likely start talking with VCs in a few months. - Q: Given Making Fun’s strong history with Eternium and the upcoming next-generation RPG projects, how does the team plan to support cross-platform access for players who want to experience the games beyond traditional mobile app stores? Are there any plans to support alternative distribution or testing methods through external gaming hubs or emulator-friendly platforms such as https://gamehub.onl/ , especially for players who prefer PC-based gameplay or ARM-based systems? It would be great to understand how this fits into your broader strategy for player acquisition, accessibility, and long-term community growth. - Q: Hi there, I have logged in to my account and did follow up he steps but still haven't received the gems? - A: Did you also log into Eternium with the same email and check your in-game inbox? Best place for help with this: please write help@makingfun.com. Thanks. - Q: Need haveva movement buttom in left - A: Please share your feedback on the Discord server. (See www.Makingfun.com to join.) Thanks! - Q: Where are the gems - A: Overview, scroll down to the Summary section, click the link back to the Eternium website. You need to be logged in with the same account used to play Eternium. - Q: What is the current price of stock? - A: Hello! Currently, "early bird" shares are still available, which gives you a valuation cap of $10M instead of $13M. -John - Q: Where is the 200 gems reward?! - A: Please follow the clue to search for the link from the main Making Fun Wefunder page back to a secret page on EterniumGame.com. - Q: Does a SAFE mean I will get private shares in the company? If so, do you plan on paying dividends? Also it looks like I missed the first 300k for early bird terms. How does this affect my investment if I was to buy in after early bird perks? - A: Hello and thank you for inquiring! The SAFE converts into shares at the sooner of the next priced funding round or exit, which ever comes first. We have no current plan to pay dividends, but that is possible in the future. Good news, you did not miss the early bird! The initial $450K was a private raise (on the same terms) and the early bird valuation cap is the next $300K after that. So, there is still room left in the early bird as of today, which gives a valuation cap of $10M instead of $13M. - Q: Where is the link to download the actual SAFE agreement? I see links that explain what SAFEs are, but as they can vary it would be good to see the actual agreement. - A: Hello, Matt. I'm not sure if that is possible from Wefunder, but it is literally the Y Combinator SAFE document, the first one on this page, with a $10 million valuation cap: https://www.ycombinator.com/documents