The Iterative Collective Co-Founder Matthew Quek
Singapore-based indie game publisher The Iterative Collective (TIC) has secured US$1.2 million in a seed funding round led by Cocoon Capital and unnamed angels.
The Iterative Collective will use the capital to expand its publishing and marketing capabilities.
Today, game engines like Unity and Unreal Engine have made it easier for independent developers to create high-quality games. According to a recent report, the global PC and console gaming markets are expected to reach a combined revenue of US$104 billion by 2026.
However, commercial success is not guaranteed despite the ease of game development. Over 50 per cent of self-published PC games generate a lifetime revenue of less than US$4,000, which poses a significant challenge for independent studios.
Also Read: ‘The SVB collapse almost damaged the trust level in Silicon Valley’
The Iterative Collective is addressing this issue.
The company was founded in 2020 by Matthew Quek and Haskel Chua.
Quek brings a deep understanding of technical game development and distribution gained from his years as a Senior R&D Engineer at Virtuos and Director of Technology at Epicsoft Asia. Meanwhile, Chua brings valuable experience from his successful career at JoyDash where he was credited with successfully launching two games and leading his game development studio, PseudoPixels.
The Iterative Collective has built an ecosystem for independent game studios. By providing talented developers with resources and support, TIC helps them turn their creative game concepts into profitable businesses.
TIC’s debut game, The Signal State, has become a commercial success with thousands of paying players. The startup will showcase its current and upcoming games at PAX East 2023 in Boston, the US, from March 23-26, 2023.
—
Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.
The post Indie game publisher The Iterative Collective nets US$1.2M seed funding appeared first on e27.