Company:TastyMinstrelGames(TMG)
Market:Tabletopgames
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Product:BoardGames,DiceGames,andStrategy
GamesincludingEminentDomain,DungeonRoll,
Orléans,andmanymore
CompanyHighlights
• Hasraisedover$2.5milliononKickstartertofund26individualhobbyboardgamingprojects
• Hassoldover400,000gamessinceinception
• Hasgeneratedover$5millioningrosssalessinceinception
• Generatedover$1.2millioninrevenuein2016
• Grossprofitincreased33%in2016toover$475,000fromover$350,000in2015
• TMGGamerEmailListhas25,912subscriberswitha40.7%averageopenrate
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PERKS
*Youareinvestinginequityinthisoffering.Perksaremeanttobeathankyoufromthecompanyforinvesting.All
perksareinclusiveofpreviousperks.PhysicalitemsincludeshippingwithintheU.S.Forinternationaldeliveries,
shippingfeeswillneedtobepaidtoTMG.
$150:TMGCertificateofStockOwnership(Cardboardwithembeddedmetalcoin,notusedforlegalpurposes)
$400:TwocopiesofFlipCityandHarbourtosharewithfriends(Oneofthebenefitsofowningagamecompanyis
easilygivinggiftstoyourgamerfriends,andTMGwantsyoutoexperiencethis)
$700:Hoodiefeaturingcompanymascot,Dargon
$1,000:Onein-stocklargeboxgameofyourchoice
$1,500:Anadditionalin-stocklargeboxgameofyourchoice
$2,500:OneDeluxifiedcopyofCrusadersafterKickstartercampaign
$5,000:Nameincludedinathankyouwithallinvestorsatthislevelinthefirstgamelaunchedafterthefundraise
$10,000:Producercreditononefuturegameofyourchoosing
$25,000:ExecutiveProducercreditonthreefuturegamesofyourchoosing,acopyofeverygamecurrentlyinthe
warehouse,andeachgamereleasedforthenextthreeyears
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Page1 COMPANYSUMMARY
Opportunity
Tabletopgamesdateasfarbackas3500BCwithanancientEgyptiangamecalledSeneti,andtheirpopularityhas
growneversince.Evenwithtoday’sinfluxofvideogamesandmobilegames,gamesandpuzzlessawthelargest
increaseinsales(18%)for2016relativetoallothertoycategories.ii
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Boardgamesinparticularhaveseensubstantialgrowth,andbothchildrenandadultsarejumpingonthe
bandwagon.iiiWithmoregamerscometheopportunityformoreinnovative,creativegames,whichiswhatTasty
MinstrelGames(TMG)seekstodeliver.With60publishedgames,TMGstrivestoprovidediversegamesthat
strengthenfamilyunity,communication,andlove.
Product
TMGproducesbothco-publishedandoriginalgames.Thecompany’sbest-sellinggameofalltimeisEminent
Domain.AselectionofTMG’sbest-sellinggamesisfeaturedbelow.
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Page2 EminentDomain
EminentDomainisacivilization-buildinggamefortwotofourplayers.Playersmustbuildaspaceempireby
colonizingnearbyplanetsorbytakingthembyforce.Eachplayer’sabilitiesarebasedonadeckofRolecards.At
thebeginningofthegame,eachplayerhasthesamedeckofcards,includingtwocardsforeachRole.Eachturn,
playersmustchooseaRolefromthecommunaldecktoexecute,andindoingsotheywilladdthatRolecardto
theirdeck.WhenexecutingaRole,playerscanboostitseffectbyplayingcardsoutoftheirowndeckthatmatch
theRoletheyhavechosen.Overthecourseofthegame,playerschoosetospecializeintheirowncombinationof
Roles,allowingthemtotakeoverplanets,harvestandtraderesources,orresearchforpointsandupgraded
abilities.
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DungeonRoll
DungeonRollallowsplayerstostepintotheshoesofoneHero—suchasaMercenaryorEnchantress—andbattle
monsters,vanquishadragon,andgathertreasure.Intendedforonetofourplayersages14andup,eachplayer
takesturnsactingastheAdventurer.ThegamebeginswiththeAdventurerrollingsevendicetoassembleaparty
ofclerics,fighters,mages,thieves,andchampions.AsecondplayeractsastheDungeonLordandrollsDungeon
DicecorrespondingtotheAdventurer’sprogressthroughoutthegame.Onlyarollofthedicedeterminesan
Adventurer’ssuccess,fromselectingatokenfromthetreasurechest-shapedgameboxtodefeatingskeleton
monsters.Afterthreerounds,theplayersadduptheirexperiencepointstodeterminetheultimatechampion.
WhileDungeonRollincorporatesthechanceofadicegame,italsohasthechoiceandstrategyofamore
traditionalfantasy-basedgame.ThreeexpansionpackswithadditionalHeroavatarsarealsoavailable.
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Page3 Orléans
SetinmedievalFranceinthecityofOrléans,playersmustgatherfollowers,collectgoodsandmoney,and
establishtradingpoststogrowtheireconomicreach.Orléansisabag-buildinggame,whichmeanseachplayer
hasabagofresourcestoaddto.Knightsexpandplayers’scopeofactionandsecuretheirmercantileexpeditions,
craftsmenbuildtradingstationsandtoolstofacilitatework,scholarsmakeprogressinscience,andmonksreduce
thechanceofplayersfallingpreytofate.Thegameisfortwotofourplayersages12andup.
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TheOrléansDeluxeEditionhasmetalcoinsandwoodentokensinsteadofcardboard.Orléans:Invasionisan
expansionpackwithsixnewscenarios,newbuildings,andneweventcards.Theexpansionincludesacooperative
scenarioinwhichplayershavetofendoffaninvasionaswellasthreesolochallenges.
GuildsofLondon
SetinMedievaltimes,GuildsofLondonletsplayersexperiencelifeasawealthyinvestortryingtobecomethe
influentialLordMayorofLondon.Tilesareplacedontheboardtorepresentdifferentareasofthecity,andeach
tilehasseveralassociatedGuilds.Playerschooseandplaycardseachroundtodeterminewhocontrolseachtile
and,therefore,eachGuild.TilesarescoredattheendoftheroundbasedonhowmanyLiverymenplayershave
placedonthetile.PlayersselectasmanycardsfromtheirhandastheywishtoplaytoplaceormoveLiverymen
ortoperformanaction.PlayersalsohavetheopportunitytospreadtheirpowerintotheUlsterorVirginia
plantations.ControlofeachGuildprovidesvictorypointsandadditionalactionssothatsuccessfulplayerscan
controlthefuturedevelopmentofthecity.Recommendedforonetofourplayersages10andup.
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Page4 ScovilleandScoville:Labs
Scoville:LabsbuildsuponthesuccessofScoville,astrategy-auctiongamethatencouragesplayerstoplant,
crossbreed,andharvestthehottestpepperspossible.Eachround,playersplantpeppersinthefields.Throughout
thegame,crossbreedingopportunitiesincreaseasmorepeppersareplanted.Playersmovetheirpawnthrough
thefieldstoharvest.Scoville:Labsaddstothefunbygivingplayersa3x3tabwhereadditionalpepperscanbe
raised—onesopponentscannottouch.Thosepepperscanthenbeplantedandharvestedonthesharedboardfor
additionalcrossbreedingopportunities.Bothgamesarefortwotosixplayersages13andup.
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UseofProceedsandProductRoadmap
TMGplanstousetheproceedsfromthisraiseformarketingtobuildupthebrandofTMG,manufacturing,and
newhires.TMGhasanumberofdifferentgamesinitspipeline.Therearethreegamescurrentlyindevelopment,
includingthetitleTradingontheTigris.Thereare15gamescurrentlyinartworkproductionincludingDownfall,
ExodusFleet,Samara,Orléans:5thPlayer,OkeyDokey,EminentDomain:Oblivion,Harvest,Crusaders,Pioneer
Days,andHomesteaders:NewBeginnings,amongothers.
BusinessModel
TMGsellsbothco-publishedandoriginalgames.Thecompany’soriginalgamesgeneratedthemajority(67%)of
salesin2016.TMG’sbiggestsellinggameofalltimeisEminentDomain;DungeonRollisaclosesecond.The
gamestypicallyretailfor$15to$50.Thecompany’sgrossprofitmarginwas38%in2016.
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Page5 USERTRACTION
In2016,TMGsoldover82,000games.Sinceitsinceptionin2010,TMGhassoldover400,000games.Unitsales
spikedin2015asthecompanystartedreleasingmoresmallboxgamessuchasFlipCityandCthulhuRealms,
whichsoldabout15,000unitscombined.
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Annual UnitSales
140,000
120,000
100,000
80,000
60,000
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0
2010*
2011
2012
2013
2014
*2010 dataisestimated
2015
2016
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Page6 HISTORICALFINANCIALS
TMGgeneratedover$1.2millioninrevenuein2016andover$1.4millioninrevenuein2015.Revenuespikedin
January2015duetothelaunchofScoville,VillagePort,andCaptainsofIndustry.RevenuespikedinNovember
2015duetotheshipmentoftheOrléansDeluxeEditionKickstartersales.RevenuealsoincreasedinMay2016
duetotheColosseumKickstarterprojectandinNovember2016duetothelaunch(orimportbackin)ofGuildsof
London,OrleansInvasion,andPonziScheme.Althoughannualrevenuedeclined15%in2016,costofgoodssold
declined30%,droppingfromover$1.1millionin2015tonearly$800,000in2016.
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RevenueandCostofGoodsSold
$600,000
Scoville,VillagePort,
and Captainsof
Industry Launched
$500,000
$400,000
$300,000
OrléansDeluxe
Kickstarter Sales
Shipped
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$100,000
Jan2015
Feb2015
Mar2015
Apr2015
May2015
Jun2015
Jul2015
Aug2015
Sep2015
Oct2015
Nov2015
Dec2015
Jan2016
Feb2016
Mar2016
Apr2016
May2016
Jun2016
Jul2016
Aug2016
Sep2016
Oct2016
Nov2016
Dec2016
Jan2017
$0
Revenue
CostofGoods Sold
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Page7 Asaresult,TMGincreasedgrossprofitby33%in2016fromover$350,000in2015toover$475,000in2016.
Operatingexpensestotaledover$510,000in2016andover$360,000in2015.Theincreaseinexpenseswasdue
totheexpansionoftheTMGteamfromfiveemployeesin2015tonineemployeesin2016.
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$400,000
GrossProfitandOperatingExpenses
$300,000
$200,000
$100,000
$0
-$100,000
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Feb2015
Mar2015
Apr2015
May2015
Jun2015
Jul2015
Aug2015
Sep2015
Oct2015
Nov2015
Dec2015
Jan2016
Feb2016
Mar2016
Apr2016
May2016
Jun2016
Jul2016
Aug2016
Sep2016
Oct2016
Nov2016
Dec2016
Jan2017
-$200,000
GrossProfit
OperatingExpenses
TMGhadanetlossof$4,868in2015and$41,597in2016.
NetIncome
$400,000
$300,000
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$200,000
$100,000
$0
-$100,000
-$200,000
Jan2015
Feb2015
Mar2015
Apr2015
May2015
Jun2015
Jul2015
Aug2015
Sep2015
Oct2015
Nov2015
Dec2015
Jan2016
Feb2016
Mar2016
Apr2016
May2016
Jun2016
Jul2016
Aug2016
Sep2016
Oct2016
Nov2016
Dec2016
Jan2017
-$300,000
NetIncome
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Page8 INDUSTRYANDMARKETANALYSIS
Theboardgamemarkethasgrownrapidlyinrecentyears.TheNPDGroupreportsthattheU.S.boardgame
marketgrewfrom$794millionin2008to$1.6billionin2015.ivGamesales—includingtabletopgames,cardand
dicegames,role-playinggames,andstrategygames—grewby21%in2016.vAccordingtoEuromonitor
International,globalsalesofgamesandpuzzleshavegrownfrom$9.3billionin2013to$9.6billionin2016.vi
ThisgrowthmaybespurredinpartbyMillennials;around30%ofMillennialssaytheyareinterestedinvisitinga
board-gamethemedcaféorbar,andtheyfindthereusabilityandtravel-friendlynatureofboardgamesoffsets
theinitialpurchasecost.viiSalesintheadultpartygames,apopularsegmentthatincludesedgyandrisqué
content,jumped138%throughNovember2016fromthesameperiodlastyear.viiiThismarketgrowthmayalso
beattributedtoalowercostbarrierfornewgamesastechnologicaladvancesallowmanufacturerstoaffordably
createanddistributetheirproducts.ixTabletopgamedevelopershavealsobranchedintocollaboratingwith
mobileandvideogamesystemsbyprovidingelectronicversionsofpopulargamesforfurtherexpansion.x
CrowdfundingcampaignsthroughKickstarterorIndiegogohaveledtolargecapitalraisesforindieboardgame
developers,suchasthelargestcrowdfundedtabletopgame,KingdomDeath:Monster1.5,whichhadpledges
totaling$12,393,139.xiTheGamescategoryonKickstarterattracted$495millionfrom2009toMay2016,with
onlyaboutaquarterofthosefundsgoingtowardvideogamesin2015.xii
COMPETITORS
Asmodee:Foundedin1995,AsmodeeisaFrenchpublisherofboardgames,cardgames,androle-playing
games(RPGs).Thecompanyhaspublishedgamesrangingfrombest-sellingfamilyboardgamestohobby
games.xiiiIn2014,thecompanyacquiredindependentU.S.publisherFantasyFlightGamesandCaliforniagame
publisherDaysofWonder.xivIn2016,AsmodeeacquiredtherightstolicensetheEnglishlanguagepublishingand
salesofCatan™fromMayfairGames,Inc®.xv
StrongholdGames:Foundedinlate2009bygameindustryveterans,StrongholdGamesisaNorthAmericangame
publishingcompany.Thecompanypublishesreprintedoldergames,newgamesfromknownandnewdesigners,
andco-publishedgameswithpublishersfromaroundtheworld.xviThecompanyhasreproducedafewnotable
linessuchasSurvive!,whichhassoldover1.25millioncopiessinceitsoriginalrelease30yearsago.xviiAlthough
thecompanytraditionallyusesitsowncapitaltoproducenewgamesxviii,itsuccessfullyraisedfundingforSpace
Cadets:AwayMissionsviaKickstarterin2015.xix
AEG:Foundedin1993,AEG(AlderacEntertainmentGroup)isapublisherofrole-playinggames,boardgames,and
collectiblecardgameproducts.AEGhasusedKickstarterseveraltimes.Todate,thecompany’slatestKickstarter
Campaign,ThunderstoneQuest,oneofitsmostpopulargames,hasraisedover$278,000,whichexceedsthegoal
of$50,000byover500%.xxAEGsellsitsgamesthroughtwochannels:onlineretailingandathree-tiered
distributionsystemthatincludesdistributorsandphysicalretailers.xxi
CMONLimited:CMON(CoolMiniOrNot)Limitedwasfoundedin2001asanichecommunitysiteforposting
imagesofpaintedminiatures.Howeverin2011,thecompanyenteredtheboardgamemarketwiththereleaseof
Zombicide,whichraisedover$750,000onKickstarter.AsofJanuary2016,thecompanyhadraisedover$20
millionxxiithrough25Kickstartercampaigns.xxiiiInDecember2016,thecompanybecameapubliclytradedentity
ontheHongKongGrowthEnterpriseExchange(HKG).xxivIn2015,thecompanygenerated$17millionin
revenue.xxv
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Page9 EXECUTIVETEAM
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MichaelMindes,CEOandCo-founder:BeforefoundingTMG,Michaelworkedasa
retailfinancialadvisorforovereightyears.HebeganworkingatA.G.Edwards,which
wasthenboughtbyWachovia,whichwasthenboughtbyWellsFargo.Duringhistime
asafinancialadvisor,MichaelearnedhisCertifiedFinancialPlanner™(CFP®)
certification.MichaelstartedTMGasasidebusinessanditwasmorethanfiveyears
beforehehiredthefirstemployeeofTMG.Thus,Michaelhasdoneeverything
associatedwithbuildingandrunningTMG,includingbutnotlimitedto,game
development,financialmanagement,productdesign,artworkcoordination,
manufacturingmanagement,talentscouting(HR),training,logistics,customerservice,
marketing,sales,and(ofcourse)janitorialduties.AsCEO,Michaelconcentratesonfurtherenablingandassisting
theteamatTMG.Heholdsabachelor’sdegreeinPhilosophywithaminorinEconomicsfromNorthernArizona
University.
SethJaffee,Co-HeadofGamesandCo-founder:Sethwasabehind-the-scenes
supporterofTMGfromtheverybeginning,alwaysstrivingtodiscovergames,develop
games,anddopre-productdevelopment.NowanofficialmemberoftheTMGteam,
Sethdiscoversgames,developsthem,andhelpsusherthemthroughtheproduction
process.Seth’sstructuralengineeringcareerhastakenabackseatsinceTMGlaunched
in2009withSeth’sfirstgame,TerraPrime.Hismostpopulartitle,EminentDomain,
wasTMG’sfirstcrowdfundedgame.Inadditiontothegameshe’sdesigned,Sethhas
alsodoneextensivedevelopmentworkonmanyoftheTMGtitles.Sethgraduated
fromtheUniversityofArizona.
DanielHadlock,President:DanielbecamethePresidentofTMGduetohis
commitmenttocommunication,teambuilding,friendship,andcustomers,alongwith
hisexperiencethroughoutthecompany.AsPresidentofTMG,DanielassistsallTMG
employeesintheirareasofresponsibility,includinggamescouting,gamedevelopment,
productdesign,manufacturingmanagement,logistics,customerservice,sales,and
marketing.DaniellovesthegamesTMGmakesalmostasmuchashelovesthepeople
thatplaythem.
INVESTMENTTERMS
SecurityType:SeriesSeedInterests
RoundSize:Min:$50,000Max:$1,000,000
Pre-MoneyValuation:$3.3million
PriceperInterest:$1.00
LiquidationPreference:1x
ConversionProvisions:ConvertibleintooneunitofCommon(subjecttoproportionaladjustmentsforinterest
splits,interestdividendsandthelike)atanytimeattheoptionoftheholder.
PRESS
DesertNews:Boardgamescanoffermanybenefitsforfamilies
DiceTowerNews:ComingSoon–DungeonDraft,Orleans:TradeandIntrigue,andPolyheroDice
Gameosity:What’sNewWithTastyMinstrelGames
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Page10 i
https://www.ft.com/content/8cfd0cee-b7b7-11e6-961e-a1acd97f622d
ii
https://www.npd.com/wps/portal/npd/us/news/press-releases/2017/us-toy-industry-grows-5-percent-in-2016exceeding--20-billion-the-npd-group-reports/
iii
http://www.latimes.com/business/la-fi-games-nostalgia-20160623-snap-story.html
iv
https://www.bloomberg.com/news/articles/2017-01-25/building-a-board-game-empire-on-disney-s-shoulders
v
https://www.npd.com/wps/portal/npd/us/news/press-releases/2017/us-toy-industry-grows-5-percent-in-2016exceeding--20-billion-the-npd-group-reports/
vi
http://www.cnbc.com/2016/12/22/millennials-the-board-games-revival-catan-pandemic.html
vii
Ibid
viii
http://www.nbcnews.com/business/consumer/why-board-games-are-trend-holidays-n698786
ix
http://blog.euromonitor.com/2015/04/independent-board-games-transition-from-niche-to-mass-market.html
x
Ibid
xi
http://icv2.com/articles/news/view/36469/new-record-tabletop-game-kickstarter
xii
https://qz.com/688843/old-fashioned-board-games-not-tech-are-attracting-the-most-money-on-kickstarter/
xiii
https://www.asmodee.us/en/about-asmodee/
xiv
https://www.forbes.com/sites/davidewalt/2014/11/17/fantasy-flight-games-merging-withasmodee/#4b9a5b393699
xv
http://www.mayfairgames.com/news/asmodee-acquires-catan-mayfair-games
xvi
https://strongholdgames.com/about/
xvii
https://strongholdgames.com/store/survive-line/
xviii
http://gameosity.com/2015/03/25/stephen-buonocore-of-stronghold-talks-business-and-kickstarter/
xix
https://www.kickstarter.com/projects/strongholdgames/space-cadets-away-missions?ref=profile_created
xx
https://www.kickstarter.com/projects/alderac/thunderstone-quest-from-aeg
xxi
https://www.alderac.com/aeg-channel-relationships/
xxii
http://www.belloflostsouls.net/2016/01/cmon.html
xxiii
https://www.kickstarter.com/profile/coolminiornot/created
xxiv
https://www.bloomberg.com/news/articles/2016-12-19/disappearing-1-500-ipo-gain-causes-concern-onhong-kong-bourse
xxv
http://www.businesstimes.com.sg/companies-markets/singapore-games-publisher-takes-hong-kongs-gemroute
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