Crowdfunding platforms like Kickstarter don't deal in investments: Backers pledge money to a project and that's generally where their involvement ends. No purchasing shares, no percentage of final sales. Video game-funding platform Fig, however, combines this traditional form of crowdfunding with actual investment -- and it will allow unaccredited people to invest in its next campaign. This move opens up investment to people who aren't SEC-accredited, meaning they don't make at least $200,000 a year (or have a minimum net worth of $1 million). "We believe that fans, in addition to having the opportunity to participate in the rewards-only tiers, should also have the opportunity to buy shares and participate in the financial success of a title," Fig CEO Justin Bailey says in a press release.
Unaccredited individuals will be able to invest no more than 10 percent of their annual income or net worth, with a minimum of $1,000 and a maximum of $10,000 for Fig's next campaign, which kicks off in early December. The SEC is reviewing Fig's filing and until it's approved, the company will set aside $1 million in shares and accept non-binding reservations from unaccredited investors.
Fig was founded by Bailey, a former Double Fine COO, and its advisory board includes Double Fine CEO Tim Schafer, Obsidian Entertainment CEO Feargus Urquhart, Harmonix co-founder Alex Rigopulos, inXile Entertainment CEO Brian Fargo and Indie Fund co-founder Aaron Isaksen. Its first project, space-exploration game Outer Wilds, successfully secured $75,000 in investments and $51,000 in pledges back in September.
[Image credit: Fig]