Intellivision Closes Amico Fundraising Ahead Of Schedule

The Intellivision Amico, a console that aims to revive a historic gaming brand and tap into the family market, has had a troubled few years due to consistent delays and doubts about its feasibility and route to market.

Originally due in October 2020, it’s been delayed three times and at present has no firm release date – a recent SEC filing also highlighted some key issues for the company, indicated ongoing issues with manufacturing and a forecast suggesting the company may not be able to operate beyond July.

Now, as highlighted by Ars Technica Technology Culture Editor Sam Machkovech, Intellivision has brought an early end to a fundraising run it had on Start Engine. It’s a website / company that facilitates companies to raise capital through selling shares, with the pitch being that it’s a platform for investors of all sizes to discover new products and companies. Despite only launching in early February the Intellivision run ended on 28th February, raising $58,001 from 54 investors, well below the ‘maximum offering’ of $5 million.

Closing the account when Intellivision did was within the platform’s rules – offerings have to be open for a minimum of 21 days, which this just reached. Notably, when the total raised is under $107,000 “the business owner can personally sign off on the legal and financial paperwork”, without the need for “an outside CPA to verify your financials for the past two years”.

Sam Machkovech gave their assessment of the move.

We’ll keep an eye out for further updates from Intellivision.

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