The Indie Fund is an organization created by several independent game developers to help fund budding indie video game development. The Indie Fund was created in early 2010, its purpose aimed "to encourage the next generation of game developers" by providing them funding for development of these games without the terms that would normally be associated with publication agreements.[1]

The founding and current members of the Indie Fund include: Ron Carmel and Kyle Gabler of 2D Boy, Jonathan Blow of Number None, Kellee Santiago formerly of thatgamecompany, Nathan Vella of Capy, Matthew Wegner of Flashbang Studios and Aaron Isaksen of AppAbove Games.[1]


Members of the Indie Game organization have identified difficulties for indie developers to be able to fund their projects. Ron Carmel noted that there are typically two ways that this funding can occur: either through the developers providing their own money to initiate the project, or by signing deals with publishers for funding in exchange for part of the game's revenues being given back to the publisher. Neither of these choices were considered optimal for an aspiring developer, according to Carmel.[1]

In 2008, several self-published indie games, including Audiosurf, Braid, Castle Crashers, and World of Goo were released to both strong critical reception and large sales. All of these games were initially funded by their respective studios, and demonstrated that investment in independent games could be profitable.[1] With the following years also providing more commercially-successful games, the Indie Fund group decided to create the fund, using the profits from these games, as to aid the next iteration of indie games.[1][2]

Funding modelEdit

The Swapper was financed in part by the Indie Fund.

Investments in indie games are pulled from the Fund's reserves. Currently, the group states they can select two to three games that they can support per year, but they believe as the Fund expands, they can invest in more projects.[1] Developers cannot directly apply for investment by the Fund; instead, the Fund watches the indie game market, observing games that get notice from the gaming press through both conferences and word-of-mouth, and selects candidate teams from these sources.[1] The Fund provides monthly payments to the selected projects to cover development costs; upon release, the developers are expected to pay back the development funding and a small portion of the game's revenue over the next three years based on the level of funding required.[1] There is no penalty for failing to be able to pay back the full funding and revenue; should this occur within three years of release, the Fund requires no further payment, and all further revenue can be kept by the developers.[3] The Fund allows the developer to retain all IP rights, and does not set any timetable for the development, only requesting monthly progress updates.[1][3]

As an example, Q.U.B.E., the first Indie Fund-backed game to be released, had an original budget request of about $42,000 in August 2010; aware that it was apparently going over-budget, the Fund approved addition funding to bring the total investment to $90,000. With four days of the title being released on the Steam software delivery platform, the title has sold 12,000 copies, sufficient to repay the investment.[4] The second game, Dear Esther, cleared 16,000 units within 6 hours of being available on Steam, the revenue from that completely repaying the Indie Fund's contribution.[5]

The PC port of The Splatters was financed in part by the Indie Fund.

In February 2012, the Indie Fund changed their repayment model, now only asking for the initial investment back plus 25% of the revenues from sales through the first two years or until they have doubled their investment, whichever comes first. This allows the Fund to allow for broader projects in size and scope, as well as take more risks on games that may not be as financially successful as others.[6] One example is the decision to fund the game The Splatters in September 2012; though the game had previously been released to Xbox Live Arcade in April 2012, the game was considered unsuccessful but the developers, Spiky Snail, wanted to revise the title based on lessons learned and port it to more systems. The Indie Fund agreed to back the improvements, feeling that the developers had shown an understanding of the initial faults to assure a product that will overcome the risks of investment.[7]

A further change was made in June 2015, allowing investors to decide how their funds can be distributed to the various games currently supported by the Indie Fund.[8]

Funded gamesEdit

At the 2011 Game Developers Conference, the Indie Fund announced the first three games that it had already funded Q.U.B.E. by Toxic Games (which would later be the first Indie Fund game to be released in December 2011), Monaco by Pocketwatch Games, and Shadow Physics by Scott Anderson and Steve Swink.[9] The Indie Fund has also announced funding for one other yet-to-be-named titles from Double Fine Productions.[10] The Indie Fund also provided $50,000 in funding for the development of That Dragon, Cancer.[11]

Year Title Developer Status Platform Notes
2011 Q.U.B.E. Toxic Games Released PC, Wii U, PlayStation 3, Xbox 360 Q.U.B.E. was one of the twelve finalists, but did not win, for the 2011 Indie Game Challenge sponsored by the Academy of Interactive Arts & Sciences.[12] Success on PC led to ports for consoles.[13]
2011 Shadow Physics Scott Anderson and Steve Swink Cancelled Xbox Live Arcade At GDC 2012 Anderson revealed the game had its funding cut and had been cancelled.[14]
2012 Dear Esther thechineseroom and Robert Briscoe Released PC Originally a free game modification for Half-Life 2, the funding was used to expand the work to a stand-alone title.
2012 Mushroom 11 Untame Released PC, Mac, Linux
2013 Antichamber Alexander Bruce Released PC
2013 Monaco: What's Yours is Mine Pocketwatch Games Released PC and Xbox Live Arcade
2013 Faraway little--eyes Unreleased iOS
2013 The Swapper Facepalm Games Released PC
2013 Panoramical Fernando Ramallo and David Kanaga Released Interactive music exhibit Currently touring various indie game shows[15]
2013 Super Splatters SpikySnail Games Released PC, OS X, Linux
2013 Donut County Little Flag Software Released PC, OS X, iOS Formerly named Kachina.[16][17]
2013 Fract OSC Phosfiend Systems Inc. Released PC, OS X
2013 Spacebase DF-9 Double Fine Productions Released PC, OS X, Linux Spinout of game developed during Amnesia Fortnight 2012.[18]
2014 Hack 'N' Slash Double Fine Productions Released PC, OS X, Linux Spinout of game developed during Amnesia Fortnight 2012.[19]
2014 FRAMED Loveshack Entertainment Released iOS, Android, PC, OS X, Linux Also has received funding from Screen Australia.[20]
2014 Nova-111[21] Funktronic Labs Released PC, OS X, Linux
2014 Due Process[22] Giant Enemy Crab In Development PC
2014 Ernesto RPG Daniel Benmergui In Development PC, OS X, Tablet
2014 Future Unfolding Spaces of Play Released PS4, PC, OS X, Linux
2014 Gorogoa Jason Roberts Released PC, OS X
2014 SoundSelf Robin Arnott In Development PC, OS X, Linux
2014 Soft Body Zeke Virant Released PC, PS4, PSVita
2015 Her Story Sam Barlow Released PC, OS X
2015 Manifold Garden William Chyr Studio In Development PC, PS4, OS X, Linux Formerly named Relativity
2015 Engare Mahdi Bahrami Released PC, OS X
2015 Armello League of Geeks Released PC Previously funded through Kickstarter.[8]
2015 The Flock Vogelsap Released PC
2015 Duskers Misfits Attic Released PC
2016 That Dragon, Cancer Numinous Games Released PC, OS X, Ouya, iOS
2016 Burly Men at Sea Brain&Brain Released PC, OS X, iOS, Android
2016 Miegakure Marc Ten Bosch In Development PC, PS4, OS X, Linux
2016 Event[0][23] Ocelot Society Released PC, OS X
2016 Old Man's Journey Broken Rules Released Android, iOS, PC, OS X
2017 Hollow Knight Team Cherry Released PC, OS X, Linux, Switch
2017 Ape Out Gabe Cuzzillo Released PC
2017 The Captain Sysiac Games In Development PC
2017 Spartan Fist[24] Glass Bottom Games Released PC
2017 Night in the Woods Alec Holowka Released Windows, OS X, Linux, PlayStation 4, Xbox One, Switch, iOS, Android
2017 Eufloria RPG Omni Systems In Development
2017 Planetoid Pioneers Data Realms Released Windows
2017 Runner3 Choice Provisions Released Windows, OS X, PlayStation 4, Switch
2017 The Stillness of the Wind Lambic Studios Released Windows, OS X, Switch, iOS
2018 Tunic Andrew Shouldice In Development Windows, OS X, Xbox One
2018 Quench Axon Interactive Released Windows, Switch
2018 Cheap Golf Pixeljam Released Windows, OS X, Linux
2018 Overloop George Kobyakov In Development Windows, OS X, Linux
2018 Fabular Spiritus Games In Development Windows
2018 Taiji Matthew VanDevander In Development Windows
2019 The Collage Atlas John William Evelyn In Development
2019 Guildlings Sirvo Studios Released iOS
2019 Losswords Local No. 12 In Development


  1. ^ a b c d e f g h i Carless, Simon (2010-03-12). "Independent Game Luminaries Announce Indie Fund". Gamasutra. Retrieved 2012-01-09.
  2. ^ Carmel, Ron (March 9–13, 2010). Indies and Publishers: Fixing a System That Never Worked. 2010 Game Developers Conference. Retrieved 2012-01-09.
  3. ^ a b "About Indie Fund". Indie Fund. Retrieved 2012-01-09.
  4. ^ "Q.U.B.E. Recoups Investment Within 4 Days of Steam Release". Indie Fund. 2012-01-16. Archived from the original on 2012-01-18. Retrieved 2012-01-16.
  5. ^ Yin-Poole, Wesley (2012-02-15). "Indie game Dear Esther profitable in less than six hours". Eurogamer. Retrieved 2012-02-15.
  6. ^ Weber, Rachel (2012-02-09). "Indie Fund updates investment model". Retrieved 2012-02-09.
  7. ^ Curtis, Tom (2012-09-04). "Why Indie Fund is backing an XBLA flop". Gamasutra. Retrieved 2012-09-04.
  8. ^ a b Farokhmanesh, Megan (June 9, 2015). "Jonathan Blow, Kellee Santiago and more back Armello as part of Indie Fund". Polygon. Retrieved June 9, 2015.
  9. ^ Parkin, Simon (2011-03-01). "GDC 2011: Indie Fund Announces Support For Three Titles". Gamasutra. Retrieved 2012-01-09.
  10. ^ Ligman, Kris (2013-06-13). "DoubleFine receives Indie Fund backing for two new titles". Gamasutra. Retrieved 2013-06-16.
  11. ^ Conditt, Jessica (2015-12-22). "The playable poetry of 'That Dragon, Cancer' lands in January". Engadget. Retrieved 2016-01-11.
  12. ^ "2011 Indie Game Challenge Finalist - Q.U.B.E." Academy of Interactive Arts & Sciences. Archived from the original on 2011-10-13. Retrieved 2011-01-09.
  13. ^ Correiea, Alexa Rae (2014-05-21). "QUBE Director's Cut out now on PC, coming to PS3, Wii U, Xbox 360 this year". Polygon. Retrieved 2014-08-20.
  14. ^ Narcisse, Evan (2012-03-06). "Why The Indie Game That Was Supposed to be the Next Braid Never Came Out". Kotaku. Retrieved 2013-02-01.
  15. ^ Cifaldi, Frank (2013-03-19). "Indie Fund's latest: Panoramical, an interactive album". Gamasutra. Retrieved 2013-03-19.
  16. ^ Hillier, Brenna (2013-04-17). "Kachina is the Indie Fund's next project". VG247. Retrieved 2013-04-17.
  17. ^ Matulef, Jeffrey (2014-08-15). "Donut County resembles Katamari Damacy with a bottomless pit". Eurogamer. Retrieved 2014-08-20.
  18. ^ Ligman, Kris (2013-10-15). "Double Fine's new space roguelike comes backed by big indies". Gamasutra. Retrieved 2013-10-15.
  19. ^ Wawro, Alex (2013-12-10). "Double Fine launching indie-backed Hack 'n' Slash in 2014". Gamasutra. Retrieved 2014-03-25.
  20. ^ Hillier, Brenna (2013-12-18). "Framed to be backed by Indie Fund". VG247. Retrieved 2013-12-18.
  21. ^ "Indie Fund Now Backing Nova-111". Indie Fund. 2014-07-08. Retrieved 2014-08-20.
  22. ^ Rose, Mike (2014-08-19). "Due Process is the next game backed by Indie Fund". Gamasutra. Retrieved 2014-08-20.
  23. ^ Matulef, Jeffrey (July 13, 2016). "Event[0] is 2001 meets Firewatch, due this September". Eurogamer. Retrieved August 17, 2016.
  24. ^ "Indie Fund backs Spartan Fist « Indie Fund". Retrieved 29 May 2019.

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