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Humble Bundle Backed By $4.7 Million In Venture Capital

Humble Bundle Backed By $4.7 Million In Venture Capital

April 22, 2011 | By Frank Cifaldi, Kris Graft

April 22, 2011 | By Frank Cifaldi, Kris Graft
More: Indie, Business/Marketing

A recent SEC filing has revealed that Humble Bundle -- the company that packages indie games together for charity -- has acquired $4.7 million in venture capital funding.

The funding round is led by Sequoia Capital, a reliable source has confirmed to Gamasutra. The VC firm has also funded gaming companies including Pocket Gems, GameGround and Unity Technologies.

Sequoia partner Alfred Lin is the only outside director listed in the SEC filing for the San Francisco-based Humble Bundle operation, CNN's Fortune noted in a report.

John Graham, co-founder of Humble Bundle and COO of Wolfire Games, did not immediately return request for further comment regarding details of the funding, and how it will be used.

Humble Bundle's business model as it stands relies on a “pay what you want” model. When purchasing a bundle of DRM-free games from the company, buyers set their own prices and determine exactly where those funds are allocated, be it to the game's original developers, charities, or the Humble Bundle itself.

According to its website, donations towards the Humble Bundle operation itself pay "for the bandwidth and development" of each promotion.

So far, Humble Bundle has launched three bundles since the initiative’s introduction last year. Revenues for the first two bundles " including all payments " exceeded $2 million across both bundles. The third bundle, launched in mid-April, has passed 150,000 in unit sales and $700,000 in total payments.

Games included in Humble Bundles include titles such as Frozenbyte’s Trine, 2D Boy’s World of Goo, Jonathan Blow’s Braid and other notable indie titles.

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