Crowdfunding platform Fig is now allowing everyone to invest in their next project.
Justin Bailey, former Double Fine COO, launched Fig back in August of this year with a strict focus on funding indie games. The key driving point of this startup was to allow gaming fans to invest in a project and be able to see a return on their investment unlike past Kickstarter funded projects. Fig’s first two projects only saw accredited investors — those making more than $200,000 a year or with more than $1 million in assets — take part in the campaigns. The third project, opening this month, will allow up to $1 million in unaccredited investment. Investors falling into that category can pledge from $1,000 to $10,000 towards the game.
Bailey spoke to Polygon and gave further details on the newly introduced crowdfunding model. “The investment piece is now being taken out of the hands of professional investors hands and it’s being opened up to everyone” Bailey said.
“Everyone is going to have the opportunity in the future to invest in things that they’re interested in, things that they follow and they know a lot about. … They could probably make a better decision on which game they want to support, instead of going to the stock market and just picking a stock.”
The specific deal terms regarding unaccredited investors and the return they can expect on their investments have not been fully worked out by Fig but Bailey says it’s being worked on. Deal terms should be worked out by the time their third campaign opens. Once the campaign opens users will be able to visit the Fig site and input a desired investment amount and adjust certain variables (units sold, retail price) on a custom made calculator to estimate the amount of return they can expect on their investment.
Bailey also hinted at two more campaigns in the works, one of which could come as soon as January. The same equity investment model used for this upcoming project is expected to become the norm in future Fig campaigns.
Fig’s first project, Outer Wilds, that launched alongside the company’s debut in August was wildly successful. Developer Mobius started with an ask of $125,000 total with up to $50,000 of that open for investors. Bailey convinced the team to accept $75,000 of investment before the campaign closed in mid-September. Interest from other investors combined to a potential of around $900,000 alone.