Blog

NEA x Fenris Creations

by Andrew SchoenMay 07, 2026

NEA has had the privilege of backing exceptional founders more than once. It’s rarer still to back a founder more than a decade later as they continue the same core vision in a new chapter.

We first partnered with Hilmar Veigar Pétursson and the CCP Games team in 2015 and were proud to support the company through its acquisition by Pearl Abyss. Today, we’re excited to partner with Hilmar again as he and the team begin a new chapter as an independent studio rebranded as Fenris.

Our enthusiasm starts with what this team has already built. EVE Online is one of the most enduring games ever created. It is a forever game because of a complexity, agency, and persistence that keeps players engaged since launch in 2003. Its player-driven economy is so sophisticated that macroeconomists have studied it, and its community has shown a level of commitment that few games have ever sustained.

Building a world like EVE is hard. No game studio has successfully navigated this level of complexity to maintain such a thriving playerbase. Having seen the team’s execution over a decade, we have the confidence that they’ll be able to turn disruptive innovation into a tailwind.

Since 2015, the world has changed a lot, particularly with innovations in blockchain and generative AI. That is what makes Fenris so compelling today.

EVE Frontier, the studio’s newest game, is built to benefit from both of these megatrends. The game has a player-run, blockchain-based economy on the $EVE token and is built so Fenris is one of potentially many creators. And we think the UGC ecosystem, incentivized by the open economy, will be supercharged as foundation models improve and developer tools with them.

We will be joined by Google DeepMind who will begin a research partnership to push the frontier of AI with new player experiences. 

We could not be more excited to back the Fenris team as they build toward the next era of immersive online worlds.

Topics
Investment
Companies
Fenris Creations

Disclaimer

The information provided in this blog post is for educational and informational purposes only and is not intended to be investment advice, or recommendation, or as an offer to sell or a solicitation of an offer to buy an interest in any fund or investment vehicle managed by NEA or any other NEA entity. New Enterprise Associates (NEA) is a registered investment adviser with the Securities and Exchange Commission (SEC). However, nothing in this post should be interpreted to suggest that the SEC has endorsed or approved the contents of this post. NEA has no obligation to update, modify, or amend the contents of this post nor to notify readers in the event that any information, opinion, forecast or estimate changes or subsequently becomes inaccurate or outdated. In addition, certain information contained herein has been obtained from third-party sources and has not been independently verified by NEA. Any statements made by founders, investors, portfolio companies, or others in the post or on other third-party websites referencing this post are their own, and are not intended to be an endorsement of the investment advisory services offered by NEA.

NEA makes no assurance that investment results obtained historically can be obtained in the future, or that any investments managed by NEA will be profitable. To the extent the content in this post discusses hypotheticals, projections, or forecasts to illustrate a view, such views may not have been verified or adopted by NEA, nor has NEA tested the validity of the assumptions that underlie such opinions. Readers of the information contained herein should consult their own legal, tax, and financial advisers because the contents are not intended by NEA to be used as part of the investment decision making process related to any investment managed by NEA

About the Authors

Andrew Schoen

Andrew joined NEA in 2014 and is a Partner on the Technology Investing Team. His investment focus includes AI, cybersecurity, fintech, and frontier tech spanning both bits & atoms. Prior to NEA, he was a member of Blackstone’s M&A team. Prior to Blackstone, he co-founded Flicstart (acquired). Andrew serves on the Cornell University Council, the Advisory Council for Entrepreneurship at Cornell, and is President Emeritus of the Cornell Venture Capital Club. He earned his master’s degree as a Schwarzman Scholar and his bachelor’s degree in economics and engineering, Phi Beta Kappa, at Cornell University.
Andrew joined NEA in 2014 and is a Partner on the Technology Investing Team. His investment focus includes AI, cybersecurity, fintech, and frontier tech spanning both bits & atoms. Prior to NEA, he was a member of Blackstone’s M&A team. Prior to Blackstone, he co-founded Flicstart (acquired). Andrew serves on the Cornell University Council, the Advisory Council for Entrepreneurship at Cornell, and is President Emeritus of the Cornell Venture Capital Club. He earned his master’s degree as a Schwarzman Scholar and his bachelor’s degree in economics and engineering, Phi Beta Kappa, at Cornell University.