Fig Will Reserve $1M for Unaccredited Investment for their Next Crowdfunding Campaign that Begins in December 2015
SAN FRANCISCO – Fig announced that their next campaign, which will launch in early December 2015, will allow unaccredited investors the opportunity to buy shares, pending a filing with the SEC. Fig is using Regulation A+ of the JOBS Act to fund game development in exchange for publishing rights and providing the opportunity to invest. This marks the first time ever that unaccredited individuals will be able to invest and share in the successful development and publishing of a video game.
Previously, Fig allowed investment from accredited investors. Pre-approved under SEC regulations, accredited investors earn a minimum salary of $200,000 or possess a net worth of at least $1 million. With this next campaign, any fan can be an investor, though they may not invest more than 10 percent of their annual income or net worth. The minimum a fan can invest in the upcoming campaign is $1,000 and the maximum is $10,000. The minimum will change with each campaign.
“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,” said Justin Bailey, CEO, Fig. “This is important because we don’t feel that there should be a class distinction between fans and investors. Our belief is that fans and investors are one in the same—they are individuals who lend financial support to make a project possible, and they should all have an opportunity to participate financially. Now they can.”
Under the JOBS Act’s Regulation A+, businesses can raise up to $50 million in capital from the general public online. This regulation was intended to encourage funding of small businesses, and one of its goals is to open the opportunity for investment to a broader audience. Since the SEC review of Fig’s filing will take time, Fig will take non-binding reservations from unaccredited investors for $1M of shares that are being set aside.
Fig.co provides a featured crowdfunding experience that strikes a balance between titles from well-known independent studios and ones from up-and-coming indie teams. For more information, visit here and follow them on www.twitter.com/playfig and www.facebook.com/playfig. Developers interested in Fig? Send your pitch to firstname.lastname@example.org.
Source: Press Release