Blue Ocean Games announced the launch of its $30 million venture fund with a new investment model to support indie game developers.
Backed by Krafton, Inc., a South Korean video game publisher behind the mobile game Battlegrounds Mobile India, the fund will support game developers globally who fall outside the traditional investment criteria. For this, they adopted a distinctive investment instrument called SAIL (Structured Agreement for Indie Launch). It provides investment at the concept stage before the first playable build. Additionally, a funding of $100,000 per developer will be disbursed over two years and the focus will be on objective, market-validation milestones rather than subjective checkpoints. The fund will entail a hybrid equity and revenue share agreement that balances developer control with investor returns and a model where the developers retain IP ownership.
Beyond funding, new developers will also be given incorporation assistance, bookkeeping services, and mentorship from industry veterans. The fund is set to currently support only solo developers and smaller teams who are first-time founders.
Damian Lee, Founder and Managing Partner of Blue Ocean Games, said, “We want to provide accessible pathways for developers of all backgrounds, whether they are self-taught creators with a unique vision, or small teams making their first or second game. We are particularly excited about the immense creative potential and innovative concepts emerging from India, which possess both local relevance and global appeal.”
In addition to this, Blue Ocean Games has “Rising Tide,” a series of online competitions and challenges that give developers worldwide a platform to validate their ideas and advance their projects whether they receive funding or not. The first challenge is set to take place on May 1 in partnership with Global Game Jam.
In March this year, the Seoul-headquartered Krafton announced its controlling stake in Nautilus Mobile, a Pune-based game development studio. This marked its first control deal in India.
Krafton has also released games such as CookieRun India, Archery King: Pvp Battle, Bullet Echo India, Garuda Saga, and Road to Valor: Empires.
(With inputs from businessline intern Nethra Sailesh)