A $30 million fund has been established by Blue Ocean Games, a venture fund supported by the massive South Korean gaming company Krafton Inc., to assist independent game developers worldwide, with an emphasis on up-and-coming Indian talent.
The fund was established with the goal of supporting 100 developers over the next three years by Damian Lee, a former head of investments at Krafton.
Blue Ocean Games claims that it offers funding at the concept stage, before creators even have a playable build, through a unique investment model known as the Structured Agreement for Indie Launch (Sail). Teams are eligible for up to $300,000 in financing, which will be distributed over two years, with each developer having access to $100,000.
Developers maintain complete ownership of their intellectual property under the Sail approach. A hybrid stock and revenue-sharing arrangement is part of the framework, which aims to strike a balance between investor returns and developer control.
India is a creative and technical powerhouse, yet many innovative concepts have trouble getting early traction. According to Sean Hyunil Sohn, CEO of Krafton India, "Blue Ocean Games has a progressive funding strategy that provides independent developers with crucial financial support at the outset."
In addition to funding, the fund will provide useful services including bookkeeping, incorporation help, and industry veterans' mentoring. Cohorts of developers will be formed in order to promote learning and community building.
Blue Ocean Games intends to expand support to larger and more seasoned teams through future funds, even if the current fund is best suited for lone developers and small, startup teams.
