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MAKING FUN

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Making Fun, Inc.

Media & Entertainment · Oakland, CA · Founded 2023

Veteran PC & mobile developer and publisher creating two next-gen action RPG games

Post-money valuation ⓘ
$15.2M
As of Dec 2024 · from Reg CF Offering (2024) · pre-money + amount raised, not a traded price
Total raised
$446,991
Crowd $397K · Private $50K · 3 rounds since 2023
Latest share price
$0.91
Reg CF · Preferred Stock · Sep 2024 offering price

Financials

FY2021–FY2025 · from SEC filings · hover any figure for its source
$2.9M
$180K
2021
$2.6M
$109K
2022
$1.5M
−$1.4M
2023
$1.5M
−$346K
2024
$1.5M
−$1.4M
2025
RevenueNet income — beside revenue when positive, below the line when a loss
Metric
FY2021 reviewed
FY2022 reviewed
FY2023 reviewed
FY2024 reviewed
FY2025
Income statement
Revenue
$2,850,098
$2,622,054
$1,515,201
$1,513,677
$1,461,193
Cost of goods sold
$347,615
$318,952
$165,923
$108,156
$129,960
Gross margin
88%
88%
89%
93%
91%
Net income
$180,238
$109,432
-$1,447,879
-$346,386
-$1,429,846
Taxes paid
$0
-$21,313
$517,764
$27,155
$28,961
Balance sheet
Cash
$132,703
$403,171
$642,049
$388,809
$94,899
Accounts receivable
$274,920
$134,697
$135,553
$140,891
$132,883
Total assets
$1,972,019
$1,760,490
$880,495
$609,658
$333,297
Short-term debt
$556,998
$0
$215,038
$140,037
$166,370
Long-term debt
$32,329
$0
$579,000
$269,020
$336,226
Total liabilities
$589,327
$0
$794,038
$409,057
$502,596
Other
Headcount
—
15
1
1
0

Figures as reported by the issuer in the filing shown on hover. Each year’s pill shows the assurance level of its filed statements — audited, reviewed (CPA review, less than an audit), or unaudited, as the filing’s own report or certification states it. A dashed pill marked * is inferred instead: the SEC minimum for an offering that size, which the issuer may have exceeded. No pill means we couldn’t tell. Headcount is the filing’s point-in-time count, not a year-end average. Manually corrected figures are marked “Corrected”.

Valuation over rounds

Pre-money — the valuation set before each round’s money came in
$13.0M
Valuation cap
$15.1M
pre-money
Reg CF · SAFE · Jul 2023
Reg CF · Preferred · Sep 2024

Blue bars are the pre-money valuation the company stated for a priced round. Dashed amber bars are a SAFE or convertible note's valuation cap — the most it converts at, not what the company is worth, so don't compare them with the other bars.

Fundraising history

Raised $97.6K / $5MInvestors 52Post-money $15.2M
Reg CF · SAFE · Jul 2023Closedvia WeFunder
Raised $299.4K / $1.2MValuation cap $13M
Raised $50KInvestors 1

Team

7 people
John WelchFounder
CEO, Board Member & principal accounting officer

Created games played by hundreds of millions of people starting with the first premium downloads on the internet at Shockwave.com in 2001, then Diner Dash at PlayFirst in 2004, then Hidden Express and Eternium at Making Fun.

John Robert Welch
CEO, Board Member and principal accounting officer
Alissa Welch
President & Board Member

Did big data before that was a thing, now jack-of-all-trades at Making Fun: running Finance/HR/ Legal/Marketing, managing several projects, analyzing game data and coding websites.

Josh Quick
Head of Games

CEO/Co-Founder Qunify Games: grew to 17 employees + 2 titles, acquired by Making Fun in 2014. Previously CEO/Co-Founder EQ3 Nor Cal: multi-million $$ retail lifestyle store from $50K investment to multi-store franchise w/ 50+ employees, sold in 2008.

Mauricio Alvarez
Head of Art

Art leader w/ 10+ years maintaining and creating IPs in variety of aesthetics. Directed highly-skilled teams creating animations, illustrations, 3D models, guidelines for UI-UX, and development of Unity packages to improve the game creation process.

Pablo Marcilio
Head of Engineering

Full stack since IE6 was a thing, mobile before iPad, implemented part of the systems to deliver IPv6 to the internet's backbone, created SpO2 meter for a low-cost neonatal incubator. Designed and manages Making Fun’s core backend systems.

Don Takemura
Board Member

Names and titles as disclosed on StartEngine, SEC Form C. Bios and photos come from the platform campaign page and may be out of date.

Reg CF annual-report compliance

Not requiredFewer than 300 holders of record

Filed 2 of 3 annual reports (FY2023–FY2025)

52 investors
holder-count proxy

Reg CF issuers must file a Form C-AR each year until a Rule 202(b) termination trigger is met.

SEC filings

  • Form C-AROct 28, 20250001965106-25-000003
    EDGAR
  • Form C-AROct 24, 20240001665160-24-001463
    EDGAR
  • Form C/AOct 23, 20240001665160-24-001443
    EDGAR
  • Form CSep 5, 20240001665160-24-001271
    EDGAR
  • Form C-UAug 30, 20240001665160-24-001246
    EDGAR
  • Form CJul 19, 20230001670254-23-000715
    EDGAR
  • Form DFeb 9, 20230001965106-23-000001
    EDGAR
Source: ManualCIK 0001965106DEShare price $0.91

About this data. Figures are compiled from public sources — SEC EDGAR filings (Form C, C-AR, 1-A, 1-K) and funding-platform pages — and may be delayed, incomplete, or restated by the issuer. Financial statements are as reported by the issuer; each year is labeled with its assurance level (audited / reviewed / unaudited). A valuation cap is the conversion ceiling of a SAFE or convertible note, not an agreed company valuation; post-money figures are computed as pre-money plus amount raised and are not a traded price. Crowdonomics is not a broker-dealer, funding portal, or investment adviser; nothing here is investment advice or an offer to sell securities. Verify all figures against the linked EDGAR filings.