Game investing platform Fig has had a slightly bumpy ride following the successful funding of Psychonauts 2 earlier this year. It’s been awaiting SEC approval to collect and distribute the $1,874,500 pledged from selling investment shares in the game during the campaign.
But according to a press release from Fig sent to Gamasutra, the SEC has given it the go-ahead to start selling Fig Game Shares for Psychonauts 2. Non-accredited investors who had pledged to invest in the game’s development back during the campaign hadn't officially bought those shares yet; they had to wait for SEC approval to do so.
“Now that the SEC has qualified Fig Publishing, Inc.’s offering statement, fans who registered their investment interest will be able to buy their Fig Game Shares,” the press release sates. “This qualification paves the way for Fig to create and register new Fig Game Shares for its other games.”
That’s good news for Double Fine, who can start the long-awaited process of collecting over half the funds pledged to its campaign, and also good news for Fig, which which seems to be gearing up to invite non-accredited investors in other game projects
There are of course, some separate qualifications to note. First, Fig doesn’t seem to have confirmed the status for Game Shares pledged for Outer Wilds or Consortium: The Tower. Both games had far more revenue promised in Game Shares than in traditional crowdfunding pledges.
Second, all games seeking funding through Fig will need to keep in mind that its latest SEC filing changed the way payouts of game share funds will be made to developers. Those funds are now tied to development milestones, and will be held by Fig itself, rather than an individual LLC tied to each game.
If you’re curious about the process of investing in a Fig-backed game, it’s also worth noting that the company seems to have upgraded its investor information pages for individual games. The campaign for the just-launched boat-building sim Make Sail includes a new investment page that clearly breaks down how the development funds will be allocated and what percentage of revenue will be returned to investors.