Games crowdfunding platform Fig has been bought by startup platform Republic.

In a blog post, Republic revealed it had acquired the video games firm for an undisclosed sum.

Fig was founded back in August 2015 by Justin Bailey (pictured), formerly the COO of Double Fine. Soon the crowdfunding company had attracted an advisory board that included industry vets from the likes of Obsidian, InXile and the Indie Fund. The platform allows projects to be backed by both crowdfunding from individuals, while investors can also put their money behind a game in return for a slice of future revenue.

Its new parent, Republic, is a similar investment platform but for startups rather than games. It launched in 2016 and to date has helped companies raise over $100m in funding.

"Joining Republic means more investors, more ambitious games, greater exposure, and the opportunity for higher returns," Bailey said.

"I’m ecstatic Republic contacted me and excited about how this acquisition will further aid us in our mission to empower independent developers"

Republic CEO Chuck Pettid added: "When I first talked to Justin I was blown away by his industry knowledge and connections to the best game developers in the world. It’s no wonder Fig has been so successful."