Blue Ocean Games, a new venture capital fund based in Toronto, has officially launched a $30 million initiative aimed at reshaping the indie game development scene. Backed entirely by Krafton — the publisher behind PUBG and inZoi — the fund will support around 100 indie developers over the next three years, targeting creators often overlooked by traditional investors.
At the helm is Damian Lee, founder and managing partner of Blue Ocean Games, and former head of investments at Krafton. According to Lee, the goal is to not just fund promising projects, but to rebuild the indie ecosystem from the ground up.
“There is a structural problem in the indie game industry,” said Lee. “We’re not just filling a gap — we’re reimagining the entire ecosystem to align developer passion, player interest, and smart funding.”
A New Funding Model: SAIL
Unlike traditional models like SAFE, Blue Ocean Games introduces a new investment structure called SAIL (Structured Agreement for Indie Launch). This format gives developers:
- Concept-stage investment, even before a playable build is ready
- $100,000 per solo developer, up to $300,000 per team, distributed over two years
- Objective milestone-based progress tracking, not subjective checkpoints
- A hybrid model combining equity and revenue share while allowing developers to retain full IP rights
- Hands-on support, including incorporation help, accounting, and industry mentorship
This format is especially designed to reduce financial risk for new and unknown developers, many of whom, according to Lee, “take personal financial risks and often rely on life partners to get by.”
Community-Driven Discovery: The Rising Tide Challenge
In addition to funding, Blue Ocean Games is launching the Rising Tide Challenge, a recurring online competition kicking off May 1, 2025, in partnership with Global Game Jam. It offers indie devs a chance to:
- Submit a trailer or early concept of their game
- Gain community and judge validation
- Access a fast-track interview process for potential funding
Winners of the challenge could secure up to $300,000 in funding, with no obligation to participate beyond submission.
“We want to create a proving ground where developers can validate ideas and get recognized,” said Lee. “It’s about giving them confidence and a real shot without needing a full build.”
Changing the Game for Investors Too
The fund is launching at a time when many traditional VCs are backing away from early-stage gaming. But Lee sees this as the perfect moment to move in.
“Most investors are chasing unicorns, but most indie devs are chasing a dream game,” he explained. “That misalignment leads to frustration on both sides. With SAIL, we’re carving a path that makes sense for everyone.”
With eight full-time staff, the Blue Ocean Games team includes data scientists and domain experts who will help developers with everything from external development resources to audio production support. The goal isn’t just funding — it’s to build an environment where indie devs can succeed.
Looking Ahead
Blue Ocean Games intends to expand support to larger or more experienced teams in future funds, and has been quietly building this initiative since 2022. Its name reflects its mission: to support “blue ocean” game concepts — unique, innovative projects that stand apart from oversaturated markets.
“We’re not looking to be another publisher,” said Lee. “We’re trying to build an ecosystem. One where creative visions don’t sink — they swim.”
Indie developers interested in joining the Rising Tide Challenge or applying for funding can prepare to submit their projects throughout May 2025.
