• Contact Us
  • Login
Upgrade
Tech News Hero
Advertisement
  • Home
  • News
  • Gadgets
  • Social
  • Gaming
  • Mobile
  • PC
  • Internet
  • Security
  • Apps
No Result
View All Result
  • Home
  • News
  • Gadgets
  • Social
  • Gaming
  • Mobile
  • PC
  • Internet
  • Security
  • Apps
No Result
View All Result
Tech News Hero
No Result
View All Result
Home Gaming

Republic acquires Fig, adding games to its startup crowdfunding platform – TechNewHero

by technewshero
April 18, 2020
in Gaming
0
Share on FacebookShare on Twitter

Crowdfunding platform for startups Republic has acquired crowdfunding platform for games Fig, joining forces to help creators get their ideas off the ground. Users of each service will be happy to know they’ll continue as-is for the foreseeable future.

The model of publicly accessible micro-equity has proven an effective one, and both platforms have recent successes under their belts. Startups of a wide variety have raised hundreds of thousands on Republic, while Fig has had a great year with games like the critically acclaimed (and popular) Outer Wilds and What the Golf.

The scale of the sites is small compared with Kickstarter and Indiegogo, but the projects are more carefully curated and, although they are all crowdfunding platforms, the Republic/Fig model is different, awarding equity rather than product. Or in addition to product — who can resist wanting to have their own weird new Intellivision console?

The terms of the acquisition were not disclosed, but the general idea is to merge the two sites without compromising either. Ideally both will see an increased audience, and users will see an increased variety of projects to potentially back. Gaming is a growing area of investment, especially niche indie games that might be the next big unexpected hit, so Republic saw Fig as a natural extension of its existing platform.

“One of the best things going for Fig is how successful they’ve been in making positive returns for investors. Capital raised is used to develop the game, games are sold, and sales revenue is shared with investors,” said Republic Funding Portal CEO Chuck Pettid in a statement sent to TechNewHero. “Most private investments take 7-10 years for investors to get meaningful returns. Fig has accelerated that outcome and even boasts 3 straight years (2017, 2018 and 2019) of positive returns for investors. There isn’t another crowdfunding platform in the world that can say that.”

Fig’s CEO, Justin Bailey, will stay on as a board member at Republic and help guide the intelligent integration of the two sites.

“Fig will continue on and over time will slowly become a part of Republic,” he said. “Republic will keep the core parts of Fig’s community publishing platform and then add in its ingredients such as its commitment to diversity which will create an even stronger platform for indie game developers. In the end, Fig’s mission is to help support independent developers and making games possible that wouldn’t be.”

Both CEOs went out of their way to mention that the sites especially value underserved and underrepresented groups, which may find crowdfunding the only way to collect enough capital to pursue an idea. “More than half of the campaigns featured on Republic have come from underrepresented founders,” said Pettid. “In the past few years, the tech and video game industry has pushed the diversity message, but not enough is being done.”

Bailey noted that the pandemic has led to a major disruption of traditional investment methods. Crowdfunding is already successful, but in the modified post-coronavirus world it may be even more valid.

“Developers should always be rethinking how to raise funding,” he said. “Innovation and creative thinking leads to the best campaigns, and we will be there to assist them.”

Previous Post

Trump Proposes ‘Phase One’ Gym Reopenings Day After Call With Owner of SoulCycle, Equinox

Next Post

US Judge Blocks Twitter’s Bid to Reveal Government Surveillance Requests

technewshero

technewshero

Related Posts

Video game spending increased 27% in 2020 – TechCrunch
Gaming

Video game spending increased 27% in 2020 – TechCrunch

by technewshero
January 16, 2021
DeepMind’s MuZero masters games while learning how to play them – TechNewHero
Gaming

DeepMind’s MuZero masters games while learning how to play them – TechNewHero

by technewshero
December 24, 2020
Discord confirms raising $100M at a valuation of $7B – TechNewHero
Gaming

Discord confirms raising $100M at a valuation of $7B – TechNewHero

by technewshero
December 23, 2020
After lockdowns boost gaming marketplace Eneba, it raises $8M from Practica and InReach – TechNewHero
Gaming

After lockdowns boost gaming marketplace Eneba, it raises $8M from Practica and InReach – TechNewHero

by technewshero
December 22, 2020
Social gaming platform Rec Room scores $20 million Series C – TechNewHero
Gaming

Social gaming platform Rec Room scores $20 million Series C – TechNewHero

by technewshero
December 21, 2020
Next Post

US Judge Blocks Twitter's Bid to Reveal Government Surveillance Requests

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Most Popular

Xbox Series X launch games: All the titles you can play right now

Xbox Series X launch games: All the titles you can play right now

January 14, 2021
US Not Extending TikTok Divestiture Deadline, But Talks to Continue: Sources

US Not Extending TikTok Divestiture Deadline, But Talks to Continue: Sources

December 13, 2020

FIFA 20: release date, news, new modes and everything else there is to know

June 8, 2019

Browse by Category

  • Apps
  • Gadgets
  • Gaming
  • Internet
  • Mobile
  • News
  • PC & Laptops
  • Security
  • Social
Tech News Hero

© 2020 Tech News Hero.

No Result
View All Result
  • Home
  • Landing Page
  • Buy JNews
  • Support Forum
  • Contact Us

© 2020 Tech News Hero.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?