Snoot Entertainment is one of Cloud Imperium Games minority investors,[1] co founded by Keith Calder and Jess Wu Calder in 2004 to develop, finance, and produce film and television across all genres and media.[2] The invested money is to fund the marketing and release of Squadron 42 without using crowdfunded money.[3]
In 2018 Chris Roberts said that that the money brought in from the crowdfunding should continue to go to the development of Star Citizen and Squadron 42 instead of being used on marketing, a side that would traditionally be taken of by a publisher, and that he was investigating other approaches for the marketing needs. After turning away Private Equity and Venture Capital approaches due to concerns if being pushed towards short term decisions, he decided to go with Clive Calder and his son Keith Calder, feeling that they were like minded, understanding and respectful of the approach CIG was taking, including the patience required.[3]
First Investment
Snoot Entertainment first invested $46M into Cloud Imperium US & UK in 2018,[4] in exchange for just over 10% of the company.[5]
As part of this process CIG took on two outside board members. The first is Dan Offner, who is Clive and Keith board nominee and the second is Eli Klein, who has been acting as an advisor to the company over the two preceding years.[5][3]
Marc Nitsche replaced Dan Offner on June 27 2019.[6]
Second Investment
On March 27, 2020 CIG announced that existing investors – the Calder Family Office, Snoot Entertainment, and ITG Investment – had exercised a one-time option to purchase further shares in the company. The share prices reflect a discounted option price for existing shareholders that was pre-negotiated at the time of the initial investment in 2018. There were no changes to the Board composition as a result of this transaction. Chris Roberts continues to maintain full control of the Board and Group.[1]
External Links
References
- ↑ 1.0 1.1 Cloud Imperium Raises Additional $17.25M Investment from Existing Investors, Cloud Imperium Games, Mar 26, 2020
- ↑ Snoort Entertainment official website
- ↑ 3.0 3.1 3.2
- ↑ Cloud Imperium Investment Fact Sheet, Cloud Imperium Games, Dec 19, 2018
- ↑ 5.0 5.1 Star Citizen interview — Why Chris Roberts raised another $46 million to finish sci-fi universe, VentureBeat, December 20, 2018
- ↑ Cloud Imperium Board of Director Updates, Jun 27, 2019
