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Gaming company seeks $800k via equity crowdfunding

Contributor:
Fuseworks Media
Fuseworks Media

Yesterday, Auckland-based gaming company CONICAL publicly launched its equity crowdfunding campaign to raise a minimum of $800,000 and a maximum of $1.39 million. The company is appealing to everyday Kiwis to join them as shareholders for a minimum investment of $1000.5. Over $64,000 has been raised so far.

Founder and CEO, Alejandro Davila, says the company chose equity crowdfunding to raise investment because they were eager to get their community involved.

"At CONICAL, we are all really passionate about gaming. It makes sense to us to invite people who share this passion to join us as investors. We’re hoping this campaign will give gamers the opportunity to invest in something they can really get behind".

The vast majority of the funds raised through the campaign will be used to develop a game called Fairy Catcher, an action-adventure role-playing game series. The game will have an estimated retail price of US$14 when it goes on sale in 2023.

Mr Davilia, a former Young New Zealand Innovator of The Year Finalist, is no stranger to gaming and virtual reality technologies. In 2016, he and his team created New Zealand’s first virtual reality movie, The Green Fairy.

The project was showcased at international events and technology expos in France, USA and Australia, and received nation-wide media attention. According to the investor information memorandum, CONICAL was founded soon after to meet the resulting demand for services.

Brad Thompson, Co-founder and Team Manager of CONICAL, believes the company’s history puts them in a strong position to take advantage of the rising popularity of gaming.

"Ever since creating New Zealand’s first virtual reality movie, we’ve been servicing clients for all their virtual reality, augmented reality, app and gaming needs. We have the experience and the recognition. Now we just need the investment to bring something truly special to the world stage."

CONICAL is seeking to raise between $800,009 and $1,399,999 which represents 6.5%-10.9% of the company. Shares are $11.50 each with a minimum investment of $1000.50 for 87 shares. The equity crowdfunding campaign launched privately on 12 October at 9am NZDT and publicly on 13 October at 9am NZDT. It closes on 12 November at 12pm NZDT.

The campaign can be found here: https://www.pledgeme.co.nz/investments/474-conical

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