Execution Labs announces convertible note program for independent mobile developers
Execution Labs, hybrid incubator and accelerator for indie mobile game developers, today announced its participation in BDC Venture Capital’s convertible note program. It will give new game development companies the funding they need to survive until they work to create their own sustainable revenue streams or raise additional financing from other investors.
[contextly_sidebar id="0d198d8598fa715844bd05112ffc2a73"]The program will provide help for developers to create and launch their own games, before helping them branch off into their own independent game studios. This new funding will give successful new developers a one-time $150,000 convertible note, which will eventually “convert” into equity when the studios raise their first equity financing.
Execution Labs received $1.4 million to launch its hybrid incubator and accelerator program in November 2012. Based in Montreal, Canada, Execution Labs has already had five teams join its program. Three developers were also based in Montreal, while the others came from Vancouver and Toronto. These first five studios will be eligible for the note program, as will all future participants.
“The capital we provide during the course of the program is really designed to fund the teams’ game development and initial go-to-market efforts. The BDC Venture Capital convertible note program now gives our graduating studiostime to continue running their games as a service and ramp their revenues after they leave [Execution Labs],” said Jason Della Rocca, co-founder of Execution Labs, via a company release.
“In addition to giving our teams more time to get traction, having a note in place from a reputable investor like BDC Venture Capital makes it easier for them to attract additional financing to expand their studios and release more games.”
Execution Labs will once again begin accepting applications for its program this fall. One of the first games to come from the program, Pixel Crucible’s MacGuffin Quest [pictured], will come to mobile this summer.