There's quite a few startups in the game industry, but they aren't really startups in the scale-fund-and-exit sense that the web ones are, with the exception of a few mostly web- and mobile-focused ones like Zynga and ngmoco.

A lot of the small studios' commercial ambitions are more along the lines of "profitable small business that makes us a living while maintaining our artistic independence" rather than "looking for an IPO" or (god forbid) "sell to EA".