Indie Fund

What Indie Fund does

Indie Fund is a private investment syndicate founded in 2010 and based in San Francisco that provides early-stage development funding to independent video game creators. The syndicate is composed of approximately 19 individual investors, all of whom are themselves successful indie game developers or industry operators (including Jonathan Blow, Rami Ismail, Tommy Refenes, Adam Saltsman, Ron Carmel, and Jeffrey Rosen), each of whom independently decides whether to participate in a given project and how much to commit. Under its standard terms, Indie Fund provides funding in two tranches (at signing and when the first tranche is depleted), takes no IP rights, and recovers its investment via a 25% revenue share that terminates when the investment doubles or 2 years pass from game launch — with any unpaid balance forgiven.

The syndicate's core 'product' is the Funding Application Process: a web form requiring a playable prototype, gameplay video, screenshots, budget, and schedule, reviewed monthly with typical turnaround of up to one month. Typical tickets range from $10,000 to $50,000 per project, with occasional $50,000-$100,000 deals and rare larger rounds achieved only via co-funding partners (e.g., the co-invested $400k Spacebase DF-9 round with Double Fine and Humble Bundle in 2014). The syndicate uses no proprietary technology and operates with no paid employees.

Indie Fund's revenue model is a transaction-fee-equivalent revenue share on funded games rather than a subscription, license, or service fee. Its go-to-market relies on organic word-of-mouth within the indie developer community, scouted deal flow via partners such as John Polson (Scout) and Kelly Wallick (Indie MEGABOOTH), and presence at events including GDC, IndieCade, PAX, and IGF. As of February 2026, the syndicate has cumulatively funded 54 games, with notable hits including Hollow Knight, Dear Esther, Antichamber, The Swapper, Her Story, Tunic, Night in the Woods, Q.U.B.E., and Monaco. Several early funded titles recouped Indie Fund's investment within hours or days of launch (Dear Esther in 5.5 hours, The Swapper in 2 days, Q.U.B.E. in 4 days, Antichamber in under an hour).

Name

Indie Fund

Legal name

Indie Fund

Website

https://indie-fund.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Indie Fund is a private, volunteer-run investment syndicate of roughly 19 game-developer investors that provides $10k-$50k early-stage funding to independent video game studios via a developer-friendly contract (no IP rights, 25% revenue share capped at 2x or 2 years, with forgiveness), having backed 54 titles since 2010.

Ownership category

akta.pro rank

Product category

Game Development Financing

NAICS

Other Investment Pools and Funds (5259)

SIC

Short-Term Business Credit Institutions (6153), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Indie Publishing & Label Services (Funding, Marketing, Release Management) (MPAFABAF)

akta.pro secondary industry

Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Indie game funding
• Investment syndicate
• Game development financing
• Indie developer support
• Revenue share financing

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations

Revenue model

1. Revenue Share from Funded Games: Indie Fund provides funding to indie developers. Once games are released, developers first repay the investment, then share 25% of revenue until Indie Fund doubles its initial investment or 2 years pass since launch, whichever comes first. If not repaid within 2 years, the loan is forgiven.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Indie Fund is an investment syndicate that provides funding to independent video game developers. Developers apply through a web form; a lead investor champions the project and funding is approved when enough investors commit to cover the developer's budget. Once games are released, developers first repay the investment, then share 25% of revenue until Indie Fund doubles its initial investment or 2 years pass since launch (whichever comes first). Typical funding amounts range from $10,000 to $50,000 USD per project.

Product overview

Indie Fund is an investment syndicate providing funding for independent game developers, not a traditional publisher. The core offering consists of a funding platform with a developer-friendly contract model (no IP rights taken, 25% revenue share until investment doubled or 2 years post-launch). The portfolio includes 54 funded games across various platforms including PC, Mac, Linux, iOS, Nintendo Switch, and Apple Arcade. Funded titles include notable indie games such as Hollow Knight, Dear Esther, Antichamber, Her Story, The Swapper, Night in the Woods, Tunic, and Q.U.B.E., among others.

Differentiator

Problem solved

Functional benefit

Products and services

• Indie Fund Investment Platform A funding source structured as an investment syndicate for independent video game developers. Provides financing with developer-friendly terms including no IP rights required, time-limited debt, and revenue sharing of 25% until the investment is doubled or 2 years post-launch.
• Funding Application Process Online application system allowing indie developers to submit games for funding consideration. Requires a playable prototype, gameplay video, screenshots, budget overview, and development schedule. Applications are reviewed monthly with typical turnaround of up to one month.
• Investment Syndicate Network Collective of 19 active individual investors who evaluate and fund promising indie game projects. Investors include notable figures from the indie game industry such as Jonathan Blow, Rami Ismail, Tommy Refenes, Jeffrey Rosen, and Adam Saltsman, providing capital alongside mentorship and industry connections.

Quantifiable outcome

• Multiple funded games have recouped investment quickly: Dear Esther in 5.5 hours, The Swapper in 2 days, Q.U.B.E. in 4 days
• +1 more outcomes

Named customers8 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Makers Fund: Makers Fund is a venture capital firm investing globally in interactive entertainment and games, including indie developers. Comparable in its games-only focus and developer-friendly investment approach, but at VC scale with institutional capital.
• BITKRAFT Ventures: BITKRAFT is a venture capital fund specializing in gaming and interactive entertainment, investing across indie studios, game tech, and esports. Comparable to Indie Fund in its focus on the gaming vertical but operates at much larger check sizes and across the full gaming stack.
• Kowloon Nights: Kowloon Nights is a global games investment fund focused on independent game developers and small studios, providing funding in exchange for revenue share or equity. Comparable to Indie Fund in deal structure and target market, but operates as a professionally-managed fund with larger check sizes.
• Fig: Fig is a crowdfunding and investment platform specifically for video games, allowing fans to back projects with both pledges and equity investments. Most directly comparable to Indie Fund in offering investment (not just crowdfunding) to indie game developers, though Fig historically took a larger, more traditional platform cut.
• 1AM Games: 1AM Games is a games-focused investment fund that provides capital to independent game developers, similar to Indie Fund's revenue-share model. Comparable as a niche fund targeting indie developers, but more institutionally structured.

Broad incumbents

• Annapurna Interactive: Annapurna Interactive is a major indie games publisher funding and publishing titles from independent developers. Comparable as a funding/publishing partner for indie devs, though at larger scale and with full publisher services rather than a revenue-share fund model.
• Devolver Digital: Devolver Digital is a prominent indie games publisher that has published several Indie Fund-backed titles (e.g., Ape Out, Fall Guys-related studios). Comparable as a developer-friendly indie games partner, though Devolver typically takes publishing rights rather than pure revenue share.
• Raw Fury: Raw Fury is an indie game publisher working with independent developers on PC, console, and mobile. Comparable as a publisher serving the same indie developer segment as Indie Fund's applicants, with a similar developer-friendly brand.

Others

• Humble Bundle: Humble Bundle runs game bundles, storefront, and publishing operations, with co-founder Jeffrey Rosen an active Indie Fund investor and Humble Bundle itself a co-investor in Indie Fund deals (e.g., Spacebase DF-9). Comparable as an adjacent indie game funding/distribution player with overlapping investor networks.
• Kickstarter: Kickstarter is the dominant crowdfunding platform for independent games, providing an alternative funding path for many indie developers who might otherwise apply to Indie Fund. Comparable as a pre-production capital source for indie games, but rewards-based rather than investment-based.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/indie-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indie Fund