Fig Publishing, born in part from the huge success of Double Fine Ventures and its standout Kickstarter crowdfunding campaigns, is raising capital and it has just filed a Tier 2 Regulation A+ offer with the SEC. The filing, completed by the law firm of Ellenoff, Grossman & Schole, states an equity offer of $15 million at a price per share of $500. No word on which platform the offer may list.
Fig is an investment crowdfunding platform just for video games. The all or nothing platform will offer both rewards and investment opportunities for qualified individuals. Fig seeks to create a sustainable ecosystem to support game developers both before and after funding.
Fig only launched this past October. Justin Bailey, COO of Double Fine and now CEO / founder of Fig Publishing, explained at the time that his experience with several highly successful rewards-based campaigns compelled him to take the one size fits all model and create a platform fine tuned only for games;
“By coupling investment based crowdfunding with a strategy to build and retain a lasting community, Fig has the potential to grow crowdfunding in games into a healthy and self-sustaining ecosystem,” stated Justin. “Together with our advisors – the creators who’ve helped influence and evolve the whole crowdfunding medium – we’ve envisioned a new model where studios can stay independent, new talent can be discovered, and profits can be shared with the fans and investors who’ve helped them along the way.”
Fig management believes their platform arrives at a critical time. Developers want their customers to be shareholders and they need a vehicle to allow their community to become owners.
Speaking with NextView, Justin explained his vision;
“I believe crowdfunding is the solution for many companies, not just in the gaming space… In the gaming industry, we are seeing a pattern today where traditional publishers are doing what big movie studios had done in the past, and they are only fronting big budget projects and won’t take any chances on new ideas. And so all these independent creators are gaining followings. We want to allow for the ability to invest in more video games, like the people who backed the early Broadway shows or the investors in independent films.”
The gaming industry in general is pretty enormous with global game revenue pegged at $81.5 billion in 2014 – approximately $20.5 billion is from the US alone. Fig has launched only a few campaigns so far but this includes Double Fine’s Psychonauts 2. As of today, Psychonauts 2 has raised over $2.8 million on a $3.3 million goal via Fig. Over 17,000 backers have kicked into the project. Pretty incredible.
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