TUG developer initiated a first close of $304,000 on its equity offering

A first close of $304,000 was initiated by Nerd Kingdom on its fundraising effort started this month. 30% of the $1 million non-brokered equity offering was placed with four investors. The private placement will remain open for a year while an additional $696,000 is raised by the company. A Series A round, initiated by the company and facilitated by Credo LLP, raised an estimated $1.2 million in late 2012. In addition Nerd Kingdom has raised around $350,000 in donations via Kickstarter and its website.

The company is developing a technology that puts more creative control in the hands of video gamers and reduces the development time for game and media creation. The company’s first product is TUG a single and multiplayer open-world sandbox RPG using emerging technology and social sciences to directly involve players in the game’s design.

The company, headquartered in Los Angeles CA, was registered in 2012. Nerd Kingdom elected not to disclose its revenues.
The executive team includes Peter Salinas and Michael Weiser. The board of directors includes Jeff Lapin, Kelly Flock and Gary Patrick.

Offering recap:
Status: First close
Company: Nerd Kingdom
Industry: Other Technology
Amount offered: $1,000,000
Amount placed: $304,000


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