Matthew Quek, CEO & Co-founder and Haskel Chua, CTO & Co-founder
Singapore-based indie game publisher The Iterative Collective (TIC) announced today that it has raised $1.2 million in a seed round led by Cocoon Capital and prominent business angels. TIC will use the funds to expand its publishing and marketing capabilities to empower game developers to create successful titles.
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 $104 billion by 2026. However, despite the ease of game development, commercial success is not guaranteed. In fact, over 50% of self-published PC games generate a lifetime revenue of less than $4,000, which poses a significant challenge for independent studios.
TIC is addressing this issue head-on. Since its launch in 2020, TIC has built a thriving ecosystem for independent game studios that consistently produce successful games. 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 cult classic and has proven to be a commercial success with thousands of paying players. TIC will showcase its current and upcoming games at PAX East 2023 in Boston, USA on March 23rd to 26th 2023, allowing attendees to experience the exciting and diverse lineup of TIC’s games.
TIC’s founders, Matthew Quek and Haskel Chua are passionate about supporting independent game studios, having experienced firsthand the challenges they face in securing the resources they need to succeed. Quek brings a deep understanding of technical game development and distribution gained from his years as 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 from leading his own game development studio, PseudoPixels.
“We are incredibly grateful for the unwavering support our investors have shown in The Iterative Collective and our mission to provide independent game studios with the support and resources they need to thrive,” said CEO and co-founder Matthew Quek. “As we continue to grow and expand our reach, we remain committed to fostering talent and building successful, sustainable studios. With our investors’ additional support and funding, we are even better positioned to achieve our goals and positively impact the indie game development community.”
Managing Partner of Cocoon Capital, Michael Blakey, said, “We’re thrilled to partner with The Iterative Collective and back their exciting vision for the indie game publishing industry. With their highly experienced team and innovative approach, we have great confidence in their ability to disrupt the market and launch fun, unique games that capture players’ imaginations. The Iterative Collective’s approach has the potential to revolutionize the industry and we’re excited to support them as they bring their vision to life.”