6waves CEO Rex Ng and Lolapps CEO Arjun Sethi
6waves Lolapps, the newly-merged company that develops and publishes games for Facebook and other social networks, has launched a $10 million fund to invest in independent game developers.
Dubbed the 6L Fund, the money will be put toward independent mobile and social game app developers who want to publish their games with 6waves Lolapps. The terms of the 6L Fund’s investment will be decided on a case-by-case basis with each game developer, 6waves Lolapps senior vice president of publishing Jim Ying said in an interview Tuesday.
When 6waves and Lolapps merged back in July, Lolapps CEO Arjun Sethi (who now reports to 6waves CEO Rex Ng) told me that the company was looking to become “the clear number two” to Zynga in the social and mobile gaming space. With the 6L fund, the company is clearly working toward that goal.
Currently, 6waves Lolapps typically buys the rights to publish a game once its finished. With the 6L Fund, the company will begin to invest in development of games during earlier stages, getting in on the ground floor of hot games before the developers may shop them around to other publishers.
Starting on Tuesday, September 27th developers can submit their applications to the 6L fund’s website. The applications will be reviewed by 6waves Lolapps’ core publishing arm, which is looking at both the ideas presented as well as the developers’ experience and skills, Ying said.
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