Skybound is making an Invincible game and it wants people to invest in the company to help make it happen

Skybound Entertainment has kicked off a crowdfunding campaign to support the development of a new videogame based on the hugely popular Invincible comic and animated TV series. This isn't a Kickstarter-style campaign, though, but an investment into Skybound itself, being run through the Republic investment platform.

"Most crowdfunded videogames are centered around indie games and retail investors rarely have the opportunity to get in on the ground floor of AAA game publishers," the Invincible investment page says. "Skybound is developing a highly produced, high-octane blood bath that is anything but indie. Our bona fide global hit IP, Invincible, is at the center, and we've hand-picked our own team, consisting of more than 30 gaming industry veterans, to make it happen.

"We have successfully raised $18 million from everyday investors and fans via Republic/Seedrs, and we are inviting you to join us once again. What do you say? Guts, gore, and potential investor glory?"

It all seems a bit odd to me. Invincible is, as Skybound noted in the pitch, a tremendously popular property—the investment page describes it as "one of the most ubiquitous adult animated series on Prime Video starring Hollywood A-Listers Steven Yeun, JK Simmons, Sandra Oh, and countless others"—and Skybound is a well-known multimedia entertainment company. Where does the need for a crowdfunding/investment campaign come in?

Another big difference between traditional crowdfunding campaigns and this one is that you won't actually get a copy of the game out of it. The minimum investment amount is $100, which gets you a "Crowd SAFE holding" and "10,000 Skybound Insider points," which can be used in Skybound's Insider loyalty program on things like digital comics and in-game rewards.

The Crowd SAFE holding, meanwhile, is not actually equity in the company but rather "an agreement that may provide investors with equity upon certain future events."

"A Crowd SAFE is an investment contract between investors and companies looking to raise capital," the Republic website states. "Individuals make investments for the chance to earn a return—in the form of equity in the company or a cash payout—if the company is acquired, goes public, or sells all of its assets."

Here's the full 14 page Skybound contract if self-flagellation is your thing, but in short it essentially sets the terms under which investors in this campaign will be granted units of common stock in the company. It's pretty much all left in the hands of Skybound: If another round of fundraising is held, for instance, Skybound will make a "discretionary decision" about whether to issue common shares to Crowd SAFE holders, or "continue the term of this Crowd SAFE without converting the Purchase Amount to Common Interests."

The whole thing is an odd mix of Kickstarter-style hype and the deep legalese required by securities investment processes, and in reality it's not really an Invincible crowdfunding campaign at all. In response to inquiries seeking clarity on the campaign, Skybound rep Hannah Cosgrove said, "This is an investment in Skybound Holdings LLC and investors will benefit from all our IP across various formats and their potential success, which includes the Invincible game, The Walking Dead, Impact Winter, and others."

That hasn't discouraged people from jumping in. The initial funding goal is $50,000, and the campaign has already raised more than $445,000, with two full weeks to go.

This isn't Skybound's first go-round with the Republic platform: In 2023 it ran a fundraising campaign with a minimum $500 investment that ultimately raised more than $17.8 million. That effort didn't seek to capitalize on excitement for a specific game, though, and instead of offering points and a Crowd SAFE contract it enabled investors to directly purchase common shares in the company.

In a statement to PC Gamer, Skybound said it's running the investment campaign "so more fans can be part of what we do across the company."

"Last year we launched a Regulation A+ offering where we saw how excited fans and retail investors were to own a piece of Skybound; we raised more than $18 million from over 6,000 individuals," a Skybound rep explained. "We think continuing to engage our fans in this type of experience deepens our direct connection to Skybound fans for all our IP and gives those fans pride in having ownership in something they love and already invest their time into. At the end of the day, our fans have gotten us where we are today and we think it makes sense to reward that support. 

"We don’t need crowdfunding, but we have a rich history in it. By partnering with our fans, we can offer potential economic upside to them; their passion drives our financial success, and as investors, they get to participate in that potential future success. We love the idea of fostering the support and growth of the company through our superfans. This is a great pool of people to test new experiences with, get feedback on current or potential IP, and hear directly from them what they want to see next from Skybound."

The rep added that investment through the Republic platform "converts into equity of Skybound Holdings LLC and covers all Skybound IP, not just Invincible. We plan to use the funds toward the continued development of the Invincible videogame."

As for the new Invincible game itself, Skybound's crowdfunding pitch say this: "With cutting-edge competitive gameplay, premium production values, and the most advanced online and technical foundations, Invincible will release under a premium model with multiple DLC expansions and special editions designed to cater to every level of fandom. In both competitive and local play modes, the game is designed to contribute new stories to the Invincible multiverse, enabling future releases, expansions, new character arcs and adventures for years to come."

I've reached out to Skybound for more information on the crowdfunding campaign and the new Invincible game, and will update if I receive a reply.