Loiste Interactive raises 105’000€
It all started in summer 2011 by watching the document Crumbling America. Osku (CEO, Oskari Samiola) got caught by an idea that there could be a great story line for a game in this document. In two weeks he gathered a group of people from his inner circle and some forums (i.e. ModDB) to get on the way. For a long time the project went forward as a hobby, people changed on the way and the game world expanded as time went by.
In early autumn 2013 the project turned to a company as core people in INFRA-game project established the Loiste Interactive game studio. At the moment the company consists five people out of whom three have been on board from the very beginning. The first of the new guys contacted the team by himself to express his enthusiasm towards the INFRA. The other recruitment was made from inside the network to fill a need for a certain talent on the project team.
The whole year 2014 Osku went to relative events to meet angels, VC’s and other investors with only one goal, to get funding to finish the INFRA. One of the first things he learned during the year was that competition for investors’ money is harsh. Decisions are often made between two or more similar projects and it’s very hard to even get into those comparisons.
From the feedback it was clear that investors valued the team of Loiste as well as the game concept they have very high. Even though investors valued the team, they thought the team was still lacking experience. What comes to the business side, the investors liked the business plan for the INFRA but this still was not enough until a year after first contacts.
So, what did the funding actually mean for the company? They got one new member to the board against minority of the company shares. With the new board member they received knowledge about the business side which they were lacking a bit. Now they can pay salary for the team members, buy some licenses they need for publication and some 3D-models and sound effects.
The raised funding keeps the engine rolling until next autumn and the schedule says that the game will be released on Steam during the summer. So in that sense everything looks good.
The team already has plans for the future after the game release, both follow-ups for INFRA as well as independent game plans.