Richard Garriott’s Portalarium has raised $9.4 million over the past four years for its fantasy role-playing game Shroud of the Avatar. But the company is going back to fundraising via equity crowdfunding, something that wasn’t available when it started its original Kickstarter campaign.
The latest fundraising plan requires Portalarium to disclose more financial details than usual, and it gives a window into the company’s financial picture as it seeks to finalize the game it promised.
Portalarium raised a total of $11.6 million in Kickstarter funds and other crowdfunding from about 200,000 fans. But now it is seeking at least $500,000 and as much as $2 million for about 8 percent of the company on SeedInvest. That would give the company a valuation of about $6.25 million to $25 million, depending on how much is raised. As of May 17, the company had $528,000 in cash, and the monthly burn rate is about $230,000.
Portalarium said it would use the money to fund marketing and monthly development updates around launch. Portalarium said it was also planning a telethon in the near…
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