Overwolf and Intel have teamed up to create a $7 million fund to invest in apps and mods for hardcore gamers. The idea is to support the PC gaming community with a fund for developers working on game applications, modifications, or game services that enhance the experience of today’s PC games.
“We continuously look for opportunities to help developers create awesome experiences that make today’s top games even more fun to play,” said Uri Marchand, CEO at Overwolf, an Israeli firm that enables overlays on existing apps. “We’ve designed the fund’s evaluation process to be simple and fast so that developers can focus 100 percent of their efforts on making the best possible application, mod or game extension.”
Overwolf is taking applications on its site. Initially, the fund will focus on developers creating Overwolf apps, or those that use Overwolf’s overlay to add features to existing games.
“Intel has long committed to delivering the most compelling gaming experiences running on Intel® architecture,” said John Bonini, vice president and general manager of VR, esports, and gaming at Intel, in a statement. “Our collaboration with Overwolf further extends our ability to empower a new generation of developers to create compelling, exciting gaming software.”
Starting in 2019, the fund will start investing in mods. The fund will invest $10,000 to $500,000 for each approved developer, depending on their needs and the value of the project.
The fund will not receive shares in the company. The startup gets the investment and pays it back via revenue sharing if the app is monetized. Developers will build their app and chat with Overwolf on a monthly/bi-monthly basis to track progress and see how and where Overwolf can help. Overwolf will also offer product advisory, monetization services, technology, promotion, and distribution.
The investment will initially be given as a grant. If the app will monetize, then Overwolf will get its money back through the revenue sharing. It will then reinvest the money with other apps. Overwolf said that developers who can’t work on their apps full time will be eligible for the grants. All they need are skills and passion. The fund will start investing in the fourth quarter.