informa
/
Business
News

Psychonauts 2 investment funds held up by SEC checks

The money will be released to the developer, Double Fine, when the government is sure that all of the necessary information has been collected from investors.

Though Psychonauts 2's mixed crowdfunding campaign -- which allowed for both traditional "backer" crowdfunding and direct investment in the game, via the Fig crowdfunding platform -- ended successfully, that's not the end of the story for developer Double Fine Productions.

The Securities and Exchange Commission, whose new rules on equity crowdfunding paved the path toward the company being able to involve regular people in the investment side, requires stringent information collection before funds can be collected and released to the studio, Polygon reports.

Double Fine has already received its non-investment crowdfunding, which totaled $1,945,524. Investment, on the other hand, made up $1,874,500 of its ultimate $3.3 million haul. 

"The SEC filing must be qualified before we can collect the investment reservations placed by unaccredited investors," a Fig spokesperson told Polygon. Judging from the verbiage used by Fig, the checks seem part and parcel with allowing investment, and not indicative of any snags in the process. 

The changes which allowed unaccredited investors to join in funding projects like this one were approved last year; Psychonauts 2 was the first campaign the site ran which was able to take advantage of the new rules.

Latest Jobs

Sucker Punch Productions

Bellevue, Washington
08.27.21
Combat Designer

Xbox Graphics

Redmond, Washington
08.27.21
Senior Software Engineer: GPU Compilers

Insomniac Games

Burbank, California
08.27.21
Systems Designer

Deep Silver Volition

Champaign, Illinois
08.27.21
Senior Environment Artist
More Jobs   

CONNECT WITH US

Register for a
Subscribe to
Follow us

Game Developer Account

Game Developer Newsletter

@gamedevdotcom

Register for a

Game Developer Account

Gain full access to resources (events, white paper, webinars, reports, etc)
Single sign-on to all Informa products

Register
Subscribe to

Game Developer Newsletter

Get daily Game Developer top stories every morning straight into your inbox

Subscribe
Follow us

@gamedevdotcom

Follow us @gamedevdotcom to stay up-to-date with the latest news & insider information about events & more