Technical dossier for investors
Odyssey
RagnarokInteractive
Our own game studio within Odyssey Ecosystem. We create and publish our own games.
100% owned by Odyssey Ecosystem (odecosys.com) · supported by its sister branches JH Duo and EOS Connecting (eosconnecting.com)
All figures are estimates. This is not a public securities offering.
Executive summary
The Studio Saga
Odyssey Ragnarok Interactive is the new game studio 100% owned by Odyssey Ecosystem (Jean Pagliarani and Henry Esaa); JH Duo and EOS Connecting are sister branches that support it (commercial and technology). It is not a work for hire service: the studio creates, publishes and operates its own games, first on PC (Steam) and mobile (Android and iOS), then on Mac.
The plan runs on two engines. A narrative flagship based on the founders' own saga, Knots & Blades, turning an intellectual property with a published book (Kleithros, the prologue; three more being written) into a transmedia franchise (books, game, audio and collectibles). And smaller support titles for mobile and PC that bring early learning, data and cash flow.
We are looking for investors with 15,000 USD tickets. We propose three round scenarios: 60,000 USD (4 tickets), 165,000 USD (11 tickets) and 330,000 USD (22 tickets). Every figure in this document is an estimate with explicit assumptions; returns are not guaranteed.
Vision and identity
The Oath
Vision. Born in Latin America, built for the world: a studio with its own epic identity, able to create worlds that live across formats: games, books, audio and community.
Identity. The brand takes the Norse look of the logo: a rune arc, Fenrir, the longship and a world split between fire (red) and ice (blue). Ragnarok stands for the end of one cycle and the birth of another: a small studio that dares to tell big stories.
- We publish our own work. Intellectual property, data and the player relationship stay with the studio.
- Realistic scope. Projects sized for a small team, with measurable milestones and metric driven decisions.
- Multiplatform from day one. One technical pipeline for PC, Android, iOS.
- Born in Latin America, built for the world. A global studio for players everywhere, with lower costs than the US or Europe.
- Transparency with investors. Monthly reports, a KPI dashboard and visible assumptions.
Founders and team
The War Council

Jean Pagliarani
Cofounder · Development and technology · CEO of JH Duo
Leads the commercial engine: web architecture and Latin America to US business integration. Web and software developer.

Henry Esaa
Cofounder · CTO of EOS Connecting
Leads the innovation engine: custom development, SaaS architecture and advanced AI. Builds EOS Analytics and EOS Pulse.
The founders already run digital products inside Odyssey Ecosystem. According to the ecosystem's current material, shipped so far: 3 multilingual sites, a live analytics app, an AI analyst MVP and 3 AI assistants. The Knots & Blades saga website was built by JH Duo.
Studio hires by phase are detailed in The Clan and its Crafts.
Market opportunity
The Nine Realms of the Market
- The global games market closed 2025 at 201.6 billion USD (+9.1%): mobile 113.3 B, console 44.7 B and PC 43.6 B, with the strongest annual PC growth in Newzoo's dataset (+12%). Newzoo
- Newzoo forecasts 234.4 billion USD in 2028 and 121.1 B USD for mobile alone in 2026. Newzoo · PocketGamer.biz
- On PC, premium game spending rose 25.3% to 14.1 B USD in 2025: there is room for well positioned paid titles. GameDev.net on Newzoo
- User acquisition is getting pricier: global game cost per install (CPI) rose 30% in 2025 to 0.56 USD, per Adjust as cited by Newzoo. That is why we prioritize organic growth and community.
Latin America, where we come from (sourced data)
- Latin America: 372.3 million players, 8.3 billion USD in 2025 (+6.4%); 46% of players pay, spending 48.5 USD a year on average. Mobile 4.4 B USD; PC and console about 2.0 B USD each. Forecast: 9.7 B USD in 2028. gamescom latam with Newzoo data
- The region grows faster than North America (+4.2%) and Europe (+3.6%), per the same source. gamescom latam
- Acquiring users in LATAM is cheap: Adjust reports a games CPI of 0.14 USD in LATAM versus 1.71 USD in the US (2025 data, cited by SuperScale). Ideal for early market tests.
- Google Play funds Latin American indie studios without taking equity: 150,000 to 200,000 USD per studio, 8 M USD to date, with a Colombian studio among the 2025 recipients. Google
Game slate
Sagas to Forge
Flagship: Knots & Blades · Kleithros, the prologue

A man wakes up locked in a sinking metal cell, beside a silver haired stranger who seems to know all his secrets, and must face his demons before the last sliver of light disappears.
Synopsis. Lukas wakes with no memory in a metal cell with a single slit of light. With him is Klaus, a porcelain faced, silver haired man who toys with an ancient coin and accuses him of being a murderer. Outside, a creature whistles and pounds the walls while the cell sinks into the earth. Through confessions about fear, guilt, family and freedom, Lukas remembers his son, Anna and a country destroyed by a tyrannical regime. Every truth brings the exit closer, but demands a price. At the end, Alexander Nasir Levy (Alex) appears: the writer behind the pen name Gregori H. Orlov and the protagonist of the saga that continues.
Three hooks
- Two men trapped in a cell that is burying itself alive, and only one can get out.
- An ancient coin bearing the motto "vita et mors, lux et umbra" is the price of freedom, and Charon is coming to collect it.
- The book the protagonist writes opens a saga of conspiracies and hidden powers, where the heroes cut the knots of a web woven in the shadows.
- Genre: narrative decision thriller with mystery exploration (see The game).
- Platforms: PC (Steam) and mobile first; Mac later.
- Model: one time premium purchase, one paid installment per book of the saga, no ads. The Kleithros prologue is always free: a demo on Steam for PC and a free trial on mobile.
A transmedia IP that strengthens the investment
KleithrosPublishedThe opening book of the saga: a psychological thriller and prologue.
Dark LabyrinthsBeing writtenA future title expanding the scale and conflicts of the saga.
Whispers of ChaosBeing writtenAn upcoming installment that pushes the universe deeper into chaos.
RevelationsBeing writtenA forthcoming title where buried truths begin to demand their price.- The saga already exists beyond the game: four books (Kleithros, Dark Labyrinths, Whispers of Chaos and Revelations). Kleithros is published as a digital edition in English, Spanish, German and Italian, at 4.99 USD on knotsandblades.com.
- Active owned channels: store, the saga's crowdfunding campaign, collectibles, audio on SoundCloud, YouTube, Instagram and Patreon.
- A collaborator program already offers booktubers a free copy and a 15% affiliate commission: the same channel can drive the game's wishlists.
- Each format feeds the others: readers discover the game, players buy books and collectibles. Less dependence on paid ads.
Support titles (pending decision: plan B, smaller games)
| Title | Platform | Model | Team and time (estimate) |
|---|---|---|---|
| Support 1: Norse themed hybridcasual | Android and iOS | Free with IAP · pending decision | 2 to 3 people · 5 to 6 months to soft launch |
| Support 2: tactical midcore | Mobile and PC (Steam) | Free with IAP and season pass · pending decision | 4 to 6 people · 10 to 12 months to soft launch |
Support titles bring early learning, data and cash flow, and can be set in the studio's Norse aesthetic or in the saga's universe.
The game: Knots & Blades
The Game of Knots

Game definition
A narrative decision thriller
Exploration and mystery in the Knots & Blades universe. Every choice has consequences and changes the story.
- Nothing playable yet
- Engine to be decided
- Knotie: planned vision
Knots & Blades concept art. Not a game screenshot.

Planned design vision · not built technology
Knotie, the game's own autonomous AI
Knotie: the game's own autonomous AI, adapting the story to the player's decisions (planned vision). It is an independent AI, separate from Vera. Today it is a design vision: it has not been built yet.
- Your decisions are the starting point
- Their consequences are woven into the plot
- The story adapts to you
Illustrative diagram · planned
A decision based game
Every choice has consequences and changes the story. You will never play the same run twice: every playthrough is meant to be different. That is the design intent.
Different endings
Genre and mechanics
Genre: narrative decision thriller with exploration and mystery.
Tone: mystery and a conspiracy in the shadows, with moments of terror, touches of humor and Alex's full emotional range.

Visual style
Painted realism, dark, chiaroscuro: light carves the figures out of the shadow.
Style reference: Clair Obscur: Expedition 33.
Structure: from the prologue to the first book
Kleithros is two things: the saga's prequel book, already published, and the short free prologue the game will open with. Inside the same game, that prologue flows into the first book, Dark Labyrinths. Each book of the saga will be one paid installment. Nothing is playable yet.




Model and platforms
Price: to be defined.
Three phases
- 1Phase 1Prologue demoFree Kleithros prologue demo on Steam, with a presence at a Steam Next Fest.
- 2Phase 2Wishlists and investmentWishlist campaign and investment search using that data.
- 3Phase 3Full gameThe full game, starting with Dark Labyrinths.
Dates to be defined.
Current status: nothing is playable yet, the engine is still to be decided and Knotie is a planned vision. Kleithros already exists as a published book; its playable version is planned. Everything in this section is design intent.
Technical stack
The Forge
Engine under evaluation (not decided yet): Unity 6 with C#. Reasons: mobile maturity, an IAP ecosystem, export to Android, iOS, Windows and Mac from a single project, and a language (C#) close to the team's web and software background. Unity Personal is free while revenue plus funding stay at or below 200,000 USD over 12 months; above that, Unity Pro is required (2,310 USD per seat per year in 2026). Unity
Alternatives considered. Godot 4 (MIT license, no fees) is excellent for 2D and prototypes, with a thinner ecosystem of mobile SDKs and console support. Unreal Engine 5 is strong in high end 3D, at the cost of C++ and heavier hardware. Decision point: the flagship engine is chosen before month 9.
| Layer | Proposed choice |
|---|---|
| Engine and language | Unity 6 LTS · C# · URP |
| Backend | Supabase (Auth, Postgres, Edge Functions), already used by EOS · game services on Render · CDN and storage on Cloudflare |
| Analytics | GameAnalytics and Firebase (Analytics and Crashlytics); attribution through an MMP once paid UA starts |
| IAP | Unity IAP or RevenueCat · server side receipt validation |
| LiveOps | Remote config, event calendar, season pass, A/B tests |
| CI/CD | GitHub Actions with GameCI · own runner on a workstation · fastlane for TestFlight and Play Console · SteamPipe for Steam |
| Version control | Git with Git LFS on GitHub (or Unity Version Control for heavy art) |
| Cloud saves | Steam Cloud on PC · Supabase with Google Play Games and iCloud on mobile |
| Anti cheat | Server authoritative validation for PvP, economy and leaderboards; no kernel level anti cheat |
| Multiplatform pipeline | One project, per platform quality profiles, Addressables, automated tests on real devices |
Hardware requirements
The Arsenal
Reference prices as of October 15, 2026, in USD from US stores, before taxes; every figure links to its source. GPU and memory prices are very volatile in 2026: Gartner expects DRAM and SSD prices to rise 130% and PCs to cost 17% more, and IDC sees no relief before late 2027 (Gartner · IDC). In Colombia, VAT (19%) applies and import costs are quoted at purchase.
1. Complete setup per person (3 seats)
| Item | Model, reference price and source | USD |
|---|---|---|
| Workstation | Ryzen 9 9950X (539, Newegg) · RTX 5090 32 GB (depending on the store: 2,155 / 7,200; budgeted at 6,500; gpu.org · videocardprices.com) · 128 GB DDR5 (2,720, rams.live) · NVMe Samsung 990 Pro 4 TB (1,140, ssd.live) | 10,899 |
| 2 x 32" 4K monitors | MSI MPG 321CURX QD-OLED, 31.5" 1700R 4K 240 Hz: 882.99 each (Newegg) | 1,766 |
| Keyboard and mouse | Logitech MX Keys S Combo (MX Keys S + MX Master 3S): 199.99 (Logitech) | 200 |
| Headset with microphone | HyperX Cloud III: list price 99.99 (HyperX) | 100 |
| UPS | APC Back-UPS Pro BR1500MS2, 1500 VA / 900 W: 299.99 (B&H · Micro Center)) | 300 |
| Subtotal per seat | 13,265 | |
| 3 seats | 39,795 |
Why 3 x RTX 5090 and not RTX 5090 + RTX 6000 Ada: the whole team programs and create content in real time. The RTX 5090 (32 GB, Blackwell generation) is newer than the RTX 6000 Ada (48 GB, previous generation), costs less (the 6000 Ada card alone is 6,664) and belongs to the same GPU family players use, so profiling happens on representative hardware. Identical workstations are interchangeable if one fails. 32 GB is enough for Unity, bakes and mid sized local AI; heavier loads use cloud GPUs by the hour. No build server: with 2 people, Windows and Android builds run on the workstations (GameCI) and Apple builds on the Mac mini; it becomes justified as the team grows. Two 32" monitors per seat: the usual game development setup, one for the editor or scene and one for code, docs and profilers.
2. Shared by the team
| Item | Model, reference price and source | USD |
|---|---|---|
| Mac mini M5 Pro | 24 GB, 512 GB (Apple · 9to5Mac) | 1,699 |
| Pen display | Wacom Cintiq Pro 22: 2,999.95 (Wacom) | 3,000 |
| Steam Deck | Steam Deck OLED 512 GB (Valve) | 789 |
| Shared subtotal | 5,488 | |
| Hardware grand total | 45,283 |
UPS: the BR1500MS2 delivers 900 W; with the RTX 5090 at full load, draw can approach that limit, so it is validated with a real measurement before purchase and a larger model is quoted if needed. Not included with a figure (quoted before purchase and covered by contingency): motherboard, power supply, case and cooling for each workstation, chair and desk, webcam, mobile test devices, NAS and backup router.
3. Licenses
- Unity Pro: 2,310 per seat per year (Unity); budgeted under licenses.
3. Cloud and infrastructure
- Backend: Supabase Pro from 25 USD per month per organization, with 100,000 monthly active users included (Supabase); Render and Cloudflare by usage.
- 3 2 1 backups: workstations to NAS with snapshots, NAS to external cloud and repositories on GitHub.
- Redundant internet: main fiber with 4G/5G backup and UPS. Remote team on its own connection.
4. Hardware by phase (full scenario, reference prices)
| Phase | Equipment | USD |
|---|---|---|
| Phase 0 · Foundation | 3 complete seats (workstation, 2 x 32" monitors, keyboard and mouse, headset, UPS) (39,795) · Mac mini M5 Pro (1,699) | 41,494 |
| Phase 1 · First launch | Wacom Cintiq Pro 22 (3,000) · Steam Deck OLED 512 GB (789) | 3,789 |
| Total | 45,283 | |
| Mid | 41,494 | |
| Small seed | 10,899 |
5. Player requirements (provisional targets)
Target values to be validated with performance profiling. Mobile minimums aligned with Unity 6.x: Android 8.0 (API 26) and iOS 15. Unity
| Title | Minimum | Recommended |
|---|---|---|
| Support 1 (mobile) | Android 8.0, 2 GB RAM, OpenGL ES 3.1 or Vulkan · iOS 15, iPhone 6s or later | Android 10, 3 GB RAM · iPhone XR (A12) or later |
| Support 2 (mobile) | Android 9, 3 GB RAM, Vulkan · iOS 15, iPhone XR | Android 11, 6 GB RAM · iPhone 12 or later |
| Support 2 (PC) | Windows 10/11 64 bit · Core i3 6100 or Ryzen 3 1200 · 8 GB · GTX 750 Ti or Intel UHD 620 · 3 GB | Core i5 8400 or Ryzen 5 2600 · 8 GB · GTX 1050 Ti |
| Flagship (PC) | Provisional: Core i5 8400 or Ryzen 5 2600 · 16 GB · GTX 1660 Super · SSD | Provisional: Core i5 12400 or Ryzen 5 5600X · 16 GB · RTX 3060 12 GB · NVMe; Steam Deck target |
Production pipeline and team plan
The Clan and its Crafts
Pipeline per title: concept and fast prototypes, preproduction with a design document and performance budget, production in two week sprints, alpha with closed tests, beta or soft launch with metrics, launch and LiveOps. Each phase gate requires passing a KPI check.
| Phase | Roles (full scenario) | Est. monthly cost |
|---|---|---|
| F0 · M1 to M3 | 2 founders (reduced fee) · 1 Unity developer · 1 part time 2D artist | 3,500 |
| F1 · M4 to M9 | +1 Unity developer · full time 2D artist · part time QA | 6,000 |
| F2 · M10 to M16 | +1 senior developer · +1 3D artist (QA covered by community playtests) | 9,500 |
| F3 · M17 to M24 | + part time QA and community management · commissioned audio and music | 10,500 |
- Cost assumptions (estimates): Unity developer 1,500 USD/month, senior 2,300, 2D artist 1,300, 3D artist 1,600, founders 650 each during the round.
- LATAM advantage: in Colombia the average game developer salary is about COP 3.4 million a month, in a 3 to 8 million range per Glassdoor as cited by Semana. In the US the median annual wage of a software developer was 135,980 USD in May 2025 (BLS). The whole studio team costs less per year than a single US developer.
Roadmap
The Longship Route
| Phase | Goal |
|---|---|
| 1 | Free Kleithros prologue demo on Steam, with a presence at a Steam Next Fest |
| 2 | Wishlist campaign and investment search using that data |
| 3 | Full game, starting with Dark Labyrinths |
Dates: to be defined.
Budget by phase and scenario
The War Chest
Three scenarios, all founders' estimates. In every scenario the flagship follows the three approved phases: first the free Kleithros prologue demo on Steam, with a presence at a Steam Next Fest, then the wishlist campaign and investment search using that data, then the full game, starting with Dark Labyrinths. Seed (12 months) launches Support 1 and publishes the prologue demo. Mid (18 months) adds Support 1 LiveOps and the wishlist campaign with investment search. Full (24 months) adds Support 2 and starts the full game with Dark Labyrinths.
| Line item | Small seed 60,000 · 12 months | Mid 165,000 · 18 months | Full 330,000 · 24 months |
|---|---|---|---|
| Team (fees and salaries) | 43,200 | 102,000 | 197,000 |
| Hardware | 10,899 | 41,494 | 45,283 |
| Engines, licenses and tools | 1,000 | 4,000 | 22,000 |
| Cloud, backend and internet | 1,200 | 3,000 | 4,800 |
| Marketing, acquisition and events | 1,000 | 2,183 | 30,000 |
| Legal, trademarks and accounting | 2,000 | 4,000 | 6,000 |
| External audio and music | 0 | 3,000 | 8,000 |
| Contingency | 701 | 5,323 | 16,917 |
| Total | 60,000 | 165,000 | 330,000 |
| 15,000 USD tickets | 4 | 11 | 22 |
Full scenario by phase
| Line item | Phase 0 · Foundation M1 to M3 | Phase 1 · First launch M4 to M9 | Phase 2 · Expansion M10 to M16 | Phase 3 · Flagship M17 to M24 | Total |
|---|---|---|---|---|---|
| Team (fees and salaries) | 10,500 | 36,000 | 66,500 | 84,000 | 197,000 |
| Hardware | 41,494 | 3,789 | 0 | 0 | 45,283 |
| Engines, licenses and tools | 2,000 | 5,000 | 7,000 | 8,000 | 22,000 |
| Cloud, backend and internet | 300 | 1,200 | 1,400 | 1,900 | 4,800 |
| Marketing, acquisition and events | 0 | 8,000 | 9,000 | 13,000 | 30,000 |
| Legal, trademarks and accounting | 3,000 | 1,000 | 1,000 | 1,000 | 6,000 |
| External audio and music | 0 | 1,500 | 3,500 | 3,000 | 8,000 |
| Contingency | 1,882 | 3,000 | 6,000 | 6,035 | 16,917 |
| Total | 59,176 | 59,489 | 94,400 | 116,935 | 330,000 |
- License assumption: in the full scenario funding exceeds 200,000 USD, so Unity Pro is budgeted (3 seats in year 1 and 4 in year 2). Godot would save about 16,000 USD.
- Platform fees: Steam Direct 100 USD per game (recouped after 1,000 USD in revenue), Apple Developer 99 USD per year, Google Play 25 USD once. Steamworks · Apple
Revenue model and KPIs
The Spoils
- Knots & Blades (PC and mobile): one time premium purchase, no ads: one paid installment per book of the saga. The Kleithros prologue is always free: free demo on Steam for PC and free trial on mobile. Steam takes 30% in its standard tier; Apple and Google charge small developers 15% under their small business programs.
- Support titles (pending decision): a plan B with smaller games; each one's model is listed in the catalog and would be validated with prototypes. It does not apply to Knots & Blades.
- Transmedia: cross promotion with Knots & Blades books, audio and collectibles (book revenue is not included in this model unless agreed).
KPIs and industry benchmarks
| KPI | Benchmark | Proposed target |
|---|---|---|
| D1 retention | Top 25%: 26.5 to 27.7%; bottom 25%: 10 to 11.5% (GameAnalytics) | 30% or more |
| D7 retention | Median 3.4 to 3.9%; top 25% 7 to 8% (GameAnalytics) | 8% or more |
| D28/D30 retention | 75% of games stay below 3% at D28 (GameAnalytics) | 3 to 5% |
| ARPDAU | Hybridcasual 0.15 to 0.50 USD; midcore 0.08 to 0.20 USD (Juego/AppsFlyer aggregate via Omega Point, secondary source) | 0.15 (Support 1) · 0.20 (Support 2) |
| CPI | LATAM 0.14 USD; US 1.71 USD (Adjust 2025 via SuperScale) | Below 0.30 USD in LATAM |
| LTV | Must exceed CPI | LTV above 1.3x CPI before scaling |
| Wishlists | First week conversion: median 15% under 5,000 wishlists; 20% between 5,000 and 39,999 (How To Market A Game) | 7,000 / 20,000 / 50,000 at launch |
Revenue scenarios (estimates, 36 months from close)
| Line item | Conservative | Base | Optimistic |
|---|---|---|---|
| Support title 1 (hybridcasual mobile) | 15,000 | 90,000 | 400,000 |
| Support title 2 (midcore mobile and PC) | 20,000 | 150,000 | 600,000 |
| Flagship Knots & Blades (first months) | 52,000 | 198,000 | 760,000 |
| Total net studio revenue (36 months) | 87,000 | 438,000 | 1,760,000 |
Assumptions: net installs and LTV per support title; on PC, net revenue per unit close to 50% of price after store fees, regional pricing, taxes and refunds. Flagship figures are references while its scope is finalized.
Go to market
The War Horn
- Steam first: an early store page, steady updates and quarterly wishlist targets. A public demo at a Steam Next Fest.
- Festivals: BIG Festival inside gamescom latam (São Paulo), the largest indie competition according to its organizers; the 2026 edition ran April 30 to May 3. We aim to take the Kleithros prologue demo.
- Influencers and press: Spanish speaking streamers and booktubers from the saga's collaborator program; a bilingual press kit.
- HeyCatch style organic promotion: daily actions on Reddit, X, TikTok and LinkedIn in the founders' voice, joining conversations where the audience already is. HeyCatch costs from 79.95 USD every 4 weeks after the intro period; its own guide notes it is built for solo founders, so we treat it as a method reference.
- Community: Discord, YouTube devlogs and the saga's Patreon, closed tests with the community.
- Mobile market tests: soft launch in LATAM at low CPI before spending in expensive markets.
Risks and mitigation
The Runes of Fate
| Risk | Mitigation |
|---|---|
| Visibility in a crowded market | Community from day one, transmedia, festivals and Steam Next Fest |
| Rising acquisition costs | Organic growth, LATAM soft launch and an LTV above 1.3x CPI rule |
| Scope creep | KPI gates per phase, playable prologue demo before full production |
| Dependence on two founders | Documentation, code on GitHub, senior hire in F2 |
| Hardware inflation (2026 memory crunch) | Early purchases, certified used test devices, 15% buffer |
| Engine or store pricing and rule changes | Modular architecture; Godot as plan B for 2D |
| Knots & Blades IP license | Written agreement between rights holders and studio before closing |
| Regulation of offers to multiple investors | Legal advice in Colombia and in each investor's country before receiving funds |
| International payments and contracts | Legal review in each jurisdiction and banking through the Colombian entity |
| Legal entity not yet incorporated | Incorporate the SAS in Phase 0 (also required by several programs) |
The ask: 15,000 USD tickets
The Shield Pact
Why 15,000 USD
- Accessible: within reach of angels and professionals from any country, without depending on a single large fund.
- Consistent: it is the same 15,000 USD ask that Odyssey Ecosystem already presents in its investor material.
- Tangible: each ticket funds a concrete unit of work (see below) and its use can be reported.
- Spreads the risk: many small tickets spread the risk and build a community of ambassadors for the studio and the saga.
Tickets per scenario
| Scenario | USD | months | 15,000 USD tickets | Stake per ticket |
|---|---|---|---|---|
| Small seed | 60,000 | 12 | 4 | 1.85% |
| Mid | 165,000 | 18 | 11 | 1.64% |
| Full | 330,000 | 24 | 22 | 1.39% |
What a 15,000 USD ticket buys
Per 15,000 USD ticket · Mid
| Line item | USD | % |
|---|---|---|
| Team (fees and salaries) | 9,273 | 62% |
| Hardware | 3,772 | 25% |
| Engines, licenses and tools | 364 | 2% |
| Cloud, backend and internet | 273 | 2% |
| Marketing, acquisition and events | 198 | 1% |
| Legal, trademarks and accounting | 364 | 2% |
| External audio and music | 273 | 2% |
| Contingency | 483 | 3% |
| Total | 15,000 | 100% |
What one ticket concretely pays for (estimate)
| Equipment | USD |
|---|---|
| 6 months of a LATAM Unity developer (1,500 USD/month) | 9,000 |
| 1 Mac mini M5 Pro to build for iOS and Mac (Apple price) | 1,699 |
| 1 annual Unity Pro seat (2,310 USD, if required) | 2,310 |
| Acquisition tests and store assets | 1,000 |
| Legal and accounting share | 400 |
| Contingency | 591 |
| Total | 15,000 |
Participation tiers
| Tier | Amount (USD) | Tickets | What you receive (cumulative) |
|---|---|---|---|
| Warrior | 15,000 | 1 | Share per ticket under option A, B or C · monthly report · name in the Hall of Valhalla · early access, shield cosmetic and private Discord |
| Housecarl | 30,000 | 2 | All of the above · invitation to closed tests · 10 keys to give away · twice yearly call with the founders |
| Jarl | 75,000 | 5 | All of the above · featured Jarl credit · quarterly call with the founders · name proposal for an in game place or item, subject to creative approval |
| King of the North | 150,000 | 10 | All of the above · anchor investor · observer seat on the advisory board · quarterly KPI review with the team · right of first refusal in the next round |
What the investor gets (the investor chooses A, B or C; B, revenue share, is recommended)
- Option A · Equity: proposed pre money valuation of 750,000 USD. One ticket equals 1.85% (seed round), 1.64% (mid) or 1.39% (full).
- Option B · Revenue share (recommended): the investor pool receives 30% of the studio's net revenue, split per ticket, until it returns 1.5x (22,500 USD per ticket) for the first 4 tickets and 2x (30,000 USD per ticket) for the rest.
- Option C · SAFE or convertible note: 1,000,000 USD post money valuation cap and a 20% discount at the next priced round (one ticket equals 1.5% at the cap).
Return scenarios per ticket (estimates, full round)
| Conservative | Base | Optimistic | |
|---|---|---|---|
| Total net studio revenue (36 months) | 87,000 | 438,000 | 1,760,000 |
| Investor pool (30%, cap 1.5x or 2x) | 26,100 | 131,400 | 528,000 |
| Return per ticket in 36 months | 1,186 | 5,973 | 24,333 · 22,500 |
| Multiple on 15,000 USD | 0.08x | 0.40x | 1.62x · 1.50x |
| Illustrative studio valuation at month 36 | 500,000 | 1,000,000 | 3,600,000 |
| Theoretical value of one ticket (1.39%) | 6,944 (0.46x) | 13,889 (0.93x) | 50,000 (3.33x) |
Assumptions: revenue from the table in The Spoils; illustrative valuation using annual revenue multiples; equity is illiquid until a sale or future round. In the base case the revenue share keeps paying after month 36 until the cap is reached. Option B cap: 1.5x for tickets 1 to 4 and 2x from ticket 5; where a cell shows two figures, the first is tickets 5 to 22 and the second tickets 1 to 4.
Milestones and reporting commitments
- Monthly email with progress, spend and next milestones.
- Quarterly KPI dashboard (retention, ARPDAU, CPI, wishlists) and annual financial statements.
- Rolling close: no minimum amount and no refunds. Funds are used from the first ticket (hardware and team first); the round stays open 90 days.
Investor perks
- Your name in the Hall of Valhalla, in the credits of every studio game.
- Early access and test keys, an exclusive investor shield cosmetic and a private Discord channel.
- Invitations to closed tests and presentations with the team.
Sources and assumptions
The Chronicles
- All cost, revenue, valuation and return figures are estimates under the assumptions stated in each section.
- Reference exchange rate for COP figures: 4,000 COP per USD (assumption).
- Market sources: Newzoo, gamescom latam, GameAnalytics, Adjust (via SuperScale), How To Market A Game, Steamworks, Unity, Supabase, Apple, Valve, Gartner, IDC, BLS, Semana, Google. Links in each section.
- Knots & Blades data: taken from knotsandblades.com (October 2026). Kleithros summary: material provided by the founders.
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[email protected]© 2026 Odyssey Ragnarok Interactive · All figures are estimates. This is not a public securities offering.
High risk investment: you may lose your capital. Projections are estimates. Not a public securities offering.