Total amount raised
$10.8 Millions
Latest funding date
01/01/2017
Location
Fig has successfully raised funds through a Series A round, with notable investors including Greycroft and CSC Upshot. The platform focuses on crowdfunding and publishing video games, and it was acquired by Republic in 2020.
Keep reading to explore the intricacies of Fig's fundraising journey and the investors backing this innovative platform.
What Is Fig?
Fig, founded in 2015, is a crowdfunding platform dedicated to video games. The company is headquartered in Portland, Oregon, and was established by Bob Ippolito, Freeman White, and Justin Bailey.
Operating within the crowdfunding, publishing, and video game industries, Fig employs between 11 and 50 people. The platform uniquely combines rewards-based community publishing and investing to support game development, fostering a sustainable approach by involving passionate players directly in the process.
How Much Funding Has Fig Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the initial foundation and infrastructure for the platform.
- Seed Round
- Amount Raised: $3M
- Date: August 2015
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and attract more game developers.
- Series A
- Amount Raised: $7.84M
- Date: January 2017
- Lead Investors: Spark Capital, Greycroft
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the number of innovative game projects available to investors and backers on Fig's platform.
Total Amount Raised: $10.84M. Current Valuation: Not publicly disclosed.
Key Investors
- Spark Capital
- Details: Spark Capital is a venture capital firm known for investing in early-stage startups across various sectors, including technology and media. Nabeel Hyatt from Spark Capital led the investment round in Fig.
- Investment Focus Areas: Technology, media, entertainment
- Notable Investments: Cruise Automation (acquired by General Motors for $1 billion)
- Greycroft
- Details: Greycroft is a venture capital firm that invests in early and growth-stage companies across various sectors. Jon Goldman from Greycroft highlighted the potential for Fig to foster innovation in the gaming industry.
- Investment Focus Areas: Interactive entertainment, internet, mobile companies
- Notable Investments: Associated with Skybound, the IP holders of The Walking Dead
- Resolute Ventures
- Details: Resolute Ventures is a venture capital firm that invests in early-stage companies, particularly those with innovative business models. They participated in Fig's Series A financing round.
- Investment Focus Areas: Innovative business models, early-stage companies
- Notable Investments: Not specified
- NextView Ventures
- Details: NextView Ventures is a venture capital firm focused on seed-stage investments in internet and software startups. They were part of the Series A financing round for Fig.
- Investment Focus Areas: Internet, software startups
- Notable Investments: Not specified
- Draft Ventures
- Details: Draft Ventures is a venture capital firm that invests in early-stage technology companies. They also participated in Fig's Series A financing round.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Not specified
What's Next for Fig?
Fig stands at the cusp of significant growth opportunities within the $100 billion-a-year gaming industry. By increasing the number of innovative game projects available to investors and backers, Fig can leverage its unique model to allow fan investors to participate in the financial success of video games. This approach not only fosters innovation but also opens new avenues for funding, potentially involving institutional investors to provide matching funds.
Future fundraising opportunities look promising as Fig explores amplifying the impact of fan investments. The platform's high campaign success rate and the trend of allowing non-accredited investors to participate in game projects position it well for attracting significant investment from both individual and institutional investors. This could lead to more frequent and larger fundraising rounds, further expanding Fig's capabilities.
However, challenges remain. Ensuring a consistent pipeline of high-quality, innovative game projects is crucial to maintaining investor confidence. Additionally, managing the expectations of both investors and game developers, while navigating regulatory requirements, will be essential for Fig's continued success. Despite these hurdles, Fig's innovative approach and strong market demand suggest a bright future ahead.
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