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Pre-Seed, SeedEst. 2023

1AM Gaming

๐Ÿ“ Santa Monica, CA

Invests in game industry-leading content, platforms, and technology, favoring founders with operator pedigree โ€” track records shipping and scaling games at major franchises like League of Legends, Call of Duty, World of Warcraft, and Apex Legends.

Founder preferences

Wants founders who have shipped and scaled at recognizable gaming franchises and platforms, valuing operator credibility โ€” prior founding/exit experience and revenue-driving roles at major studios โ€” over first-time or non-gaming-industry founders.

GM

Gregory Milken

Managing Partner

Co-founder; began the gaming investing practice at March Capital in 2019 before spinning out 1AM Gaming in 2023.

FL

Frank Liquido

Managing Partner

Co-founder alongside Milken; operator background shipping games across mobile, PC, and web, and driving international revenue at major gaming and media organizations.

DB

Dan Bunting

Venture Partner

Former Treyarch (Call of Duty) studio co-head; sits on the board of portfolio company Hydratac.

JY

Joe Yuan

Venture Partner

Supports the firm's sourcing and diligence.

DorianCommunixDreamCraftDSTLRYEmpty VesselHydratacLegion StudiosNotorious StudiosRooter

Founded by Gregory Milken and Frank Liquido, who began the gaming investing practice at March Capital in 2019 before spinning out as an independent firm in 2023. Venture partners include Dan Bunting (former Treyarch/Call of Duty studio co-head) and Joe Yuan. Reported ~$120M AUM across two funds as of mid-2025 (third-party sourced, not firm-published).

Check size
$2Mโ€“$3M (third-party estimate, not firm-published)
Stages
Pre-Seed, Seed
AUM
~$120M across two funds (third-party sourced, not firm-published)
Lead tendency
Comfortable leading rounds โ€” led Hydratac's ~$3M seed round alongside HGM Fund in early 2025, with partner Dan Bunting taking a board seat.
Decision process
A small partnership rather than a solo-GP shop โ€” two managing partners plus two venture partners actively engaged, including board seats.
Sector focus
Gaming
Location
Santa Monica, CA
Official website โ†’