DISRUPTING THE SOFTWARE

DEVELOPMENT INDUSTRY
INVESTMENT MEMORANDUM
TA B L E O F C O N T E N T

TABLE OF
CONTENT
Executive Summary 2
Company Overview 4
Market 5
Problem 7
Solution 8
Industry Valuations 13
Company Capabilities 14
Roadmap 17
Use of proceeds 18
Testimonial 19
Disclaimer 20
INVESTMENT MEMORANDUM
3/ EXECUTIVE SUMMARY
EXECUTIVE
SUMMARY
COMPANY & INDUSTRY
Ringtail aims at reducing complexity and
cost of ­software development in
the Gaming industry
‘Backend as a Service’ (BaaS) proof
of concept achieved in Q4 2020
Ringtail platform changes the
way software industry works with
­development, not only in gaming
Full release of the product expected
in 2024
TRENDS & MARKET
OPPORTUNITY
According to Statista, the games ­industry
is expected to reach $268 billion by 2025
The past decade has seen gaming,
especially mobile, truly entering
the mainstream
Digital solutions that increase efficiency
and address software development
problems are highly valued
MAIN GROWTH ACHIEVEMENTS TARGET EXIT
The company consists of over 100 IPO planned within 24-36 months
professionals today, divided into 3 teams
Targeted IPO value $3bn (based on
driving us forward
industry benchmark valuations)
Revenue during 2022 is € 4 million with
Benchmark company examples Unity,
already confirmed revenue of over € 8
Epic, Roblox
million in 2023
During 2023, the platform hosts 2 internal
projects as well as a shared massive
multiplayer project.
 INVESTMENT MEMORANDUM
4/ COMPANY OVERVIEW

COMPANY OVERVIEW
RINGTAIL
INTERACTIVE DELOITTE VALIDATION
AB INCORPORATED Getting early investor attention, the Technical Due Diligence performed
With a clear vision of a company raised €2 million in a by Deloitte, validating the creation of a
potentially disruptive seed round with ATLAS CAPITAL revolutionary workflow that was called
technological solution. GROUP’s support. ‘Disruptive by Design’.

2017 2018 2020 2022

Ringtail received the first full monetary PROOF OF CONCEPT REVENUE DEAL
sponsorship by Microsoft. Ringtail proves that the technical solution Company signs external
Azure sponsorship renewed and was possible. Since then, the internal multiyear contract worth
expanded upon in 2020 when Microsoft workflow of the company is and has been over €30 million.
also made available specialist architects. completely ­according to this revolutionary
technical ­advancement.
 INVESTMENT MEMORANDUM
5/ MARKET

ENTERTAINMENT
MARKET
VIDEOGAMES

The Games Industry is a $180 billion industry in 2021. Its growth over the 150
last decade has been rapid and steady and is expected to continue. The
upcoming growth is ­mainly driven by Mobile Gaming as the market is ex-
pected to reach $268bn by 2025.

Expected Global video-

games market growth
in the next 5 years. 100

$268B
$180B 2025
FILMS
2021
50

MUSIC

SOURCES:
http://www.ifpi.org/downloads/crm2017.pdf
https://whatsthebigdata.com/2017/06/07/tipping-point-music-streaming-becomes-primary-form-of-recorded-music-sales/https://www.statista.com/topics/964/film/
https://dwmw.wordpress.com/tag/film-industry/
https://www.motionpictures.org/wp-content/uploads/2017/03/MPAA-Theatrical-Market-Statistics-2016_Final.pdf
https://arstechnica.com/gaming/2008/06/gaming-expected-to-be-a-68-billion-business-by-2012/ BILLIONS $
2001 2005 2010 2015 2020
https://newzoo.com/insights/articles/newzoos-2018-report-insights-intothe-137-9-billion-global-games-market/
https://www.statista.com/outlook/dmo/digital-media/video-games/worldwide
INVESTMENT MEMORANDUM
6/ MARKET 2%
BROWSER
-13,4% YOY

28% 21%
CONSOLE PC
+6,8% YOY +6,7% YOY

2020
GLOBAL GAME
MARKET
PER SEGMENT

9% 40%
TABLET SMARTPHONE
+2,7% YOY +15.8% YOY

GAMING MARKET
Mobile games is the largest gaming segment and is seeing the biggest
growth share in the entire games industry. The Ringtail Product will work
for all gaming platforms, such as PC, Console and Mobile.

First target is mobile games because of the massive growth of the

­market segment
Due to the iterative nature of game production, cost and time cutting
is especially crucial in the games industry

SOURCES: Newzoo.com - 2020_Free_Global_Games_Market_Report.pdf

INVESTMENT MEMORANDUM
7/ PROBLEM

INDUSTRY WIDE PROBLEM

Talent for the backend team is hard Creating secure, scalable, and Almost every single game project needs
to find and very expensive. maintainable backend solutions is both its own tailor made s­ olution, which is a long
complex and time consuming. manual process done repeatedly.
INVESTMENT MEMORANDUM
8/ SOLUTION

GAMES GAME STUDIO TECHNOLOGY

DEVELOPMENT
WITHOUT Frontend
CODE
3D
ENGINE

RINGTAIL
Development
Team

Typically, two different code bases exist: Frontend and a different

one for Backend. This means continued code sync, ensuring
that both code bases work together, which is time-consuming CODE SERVER
Backend
and difficult. Development
Team
Other backend products offered in the market only help; they
do not solve the problems stated above.
INVESTMENT MEMORANDUM
9/ SOLUTION

GAMES GAME STUDIO TECHNOLOGY

DEVELOPMENT
WITH Frontend
CODE
3D
ENGINE

RINGTAIL (BaaS)
Development
Team

The solution eliminates the need for 2 code bases.

The Ringtail Engine uses the same code base as the 3D
Engine.
Game Studios do not need to have 2 development teams
anymore.
INVESTMENT MEMORANDUM
10/ SOLUTION

AUTOMATED
& HIGH
CUSTOMIZABLE

BACKEND-as-a-SERVICE (BaaS)

THE NEXT LEVEL BUILD BACKENDS

IN MINUTES,

TECHNOLOGY! NOT IN MONTHS

Ringtail’s innovative software platform has the true potential to be disruptive to the
entire software industry by changing the way not only games but software develop-
ment in general is created.
The Ringtail platform offering aims at replacing and simplifying the need for inter-
nal backend creation in order to save time and cost for any customers.

NO SERVER
TEAM REQUIRED
INVESTMENT MEMORANDUM
11/ SOLUTION

CUSTOMER
VALUE

GAME DEVELOPMENT
WITH & WITHOUT RINGTAIL € SAVINGS:

70-75%
TECHNICAL DEVELOPMENT TECHNICAL DEVELOPMENT
WITHOUT RINGTAIL WITH RINGTAIL
Frontend devs : €13.000/m Frontend devs : €13.000/m
Server Devs: €16.000/m Server Devs: €0/m REDUCED TIME
TO MARKET:
DevOps €7.000/m DevOps €0/m
25-30%
FE-BE overhead €3.000/m FE-BE overhead €0/m

€39.000/m €13.000/m DIFFICULTY:

x 13 months x 10 months FROM HARD
TOTAL €507.000 TOTAL €130.000 TO EASY
 INVESTMENT MEMORANDUM
12/ SOLUTION

PLATFORM - KEY FACTS

MARKET DRIVER REVENUE MODEL GROWTH FACTOR

The main driver to scale Ringtail’s business is the number of
projects/­games started every day by Game studios globally.
The main goal of Ringtail is to offer an onboarding process
under 30 minutes, performed entirely by Frontend d­ evelopers
without prior backend knowledge.
On top of an onboarding process of under 30 minutes, the ­Ringtail
Engine will significantly improve:
Time to market
Project risk
Development cost
DURING GAME PRODUCTION Fully automated onboarding guarantees product
Fixed price packages starting from less than a scalability.
­thousand ­dollars instead of hundred ­thousands
of dollars that the games ­production cost today.
The games industry is technology driven and adopts
new ­technologies quickly.
POST-LAUNCH
Customers will be part of a data usage payment Disruptive nature of our products can secure ­market
­model, where we will be able to offer competitive ­dominance for the foreseeable future.
market ­prices while ­main­taining a solid 60% ­profit
margin.
INVESTMENT MEMORANDUM
13/ INDUSTRY VALUATIONS

EXPANSION
POSSIBILITIES
Games

Automotive &
Healthcare
Transportation

Film,
Retail Animation &
Cinematics

The games industry is the perfect start for our platform. It adopts new technologies quickly, is h
­ ighly
agile and has an abundance of projects. The games industry is not the only industry we can e ­ ngage
Global AR Internet though. Ringtail has already been in conversations with BMW for the automotive ­industry and ­Ericsson
Sync of things
when it comes to 5G, Internet of Things and AR.
INVESTMENT MEMORANDUM
14/ COMPANY CAPABILITIES
BASTIAN GEISSLER
FOUNDER & CEO
20 years of experience in software
­development with over 15 years
of product management and team
manage­ment experience.
Leadership roles MNC and start-ups.
Leadership roles coding, product
management, BD & Strategy.
Raised over €17 million to date.
PIM KARTNER
DIRECT OF ENGINEERING
Extensive experience in Cloud, Micro­­-
service, and Monolithic platforms.
Lead advantage projects providing
service to top tech companies,
like Google.
Multi-background developer.
Sensitive to game technology trends
and strong technology strategy ability.
CORE TEAM
COMPANY CAPABILITIES
The team consists of a group of multi-skills and talented people from
different countries and backgrounds.
CHRISTOPH PANTEA-BECHER
DIRECTOR OF PRODUCT
Extensive experience in Game
development tools and other internal
infrastructures.
13-year experience in game industry.
Various multiple teams leading
experience.
REMCO VAN OOSTERHOUT
DIRECTOR OF TECHNOLOGY Leadership in InnoGames and
Bigpoint.
17 years experience in software
development, 12 years experience in
Game industry.
Experience in global game studios,
deep understanding of game
development and team management.
Extensive experience in internal
tools, consumer-facing systems, and
infrastructure software development.
 INVESTMENT MEMORANDUM
15/ COMPANY CAPABILITIES
STEVEN MARTIN
GAME DIRECTOR
Over 15 years of experience in the
Game industry, 10 years of experience
in game designing.
Designed and lead world range
games designing, like Angry Birds,
Bad Pigges.
Experience in various size game
studios, able to handle different
size targets.
DANIEL KIM
ART DIRECTOR
Over 20 years of experience in game
and animation art directing.
Extensive experience in different
art styles in different game styles,
including AAA games VR games,
mobile games, and PC games.
Extensive in team management, lead
multi-background teams in various
studios, like FunPlus, Wargaming BON
games, etc.
CECILIA TORARP
HEAD OF FINANCE &
BUSINESS CONTROL
20 years of experience in finance,
tax and business control.
Leadership in H&M, Peak
Performance & PwC, having solid
understanding in B2C development
and finiance control & support.
Experience in the global market,
across Europe to Asia.
SOROOSH PARSA
HEAD OF LEGAL
LLM, Post Graduation in UC
Santa Barbara.
Extensive experience in assisting
start-ups and SMEs.
Experience of help MNCs expand in
Nordic.
Various experiences in capital raising.
Unique sense of technical develop­
ment and relative legal implications.
CHRIS COLLINS
HEAD OF COMMUNICATIONS
Over 20 years of experience in the
Game Industry.
Leadership in EA and DICE with 100+
people teams.
Leadership experiences in AAA games,
like Dungeons & Dragons, Lord of the
Rings, Star Wars and Battlefield.
Extensive experience in game
publishing, like Raw Fury and META
at Indie Labels.
 INVESTMENT MEMORANDUM
16/ COMPANY CAPABILITIES

COMPANY CAPABILITIES

KEY FINANCIALS
EURO (€) 2022 2023 2024 2025 2026 2027 2028
Total Income: Net sales are divided into 3 sections.
External Project(s) 4 000 000 8 000 000 12 000 000 20 000 000 20 000 000 20 000 000 20 000 000
External projects are considered pure production
­income for assisting external companies in the ­creation Rev Share External 30 000 000 100 000 000 150 000 000 300 000 000 600 000 000
of experiences, using our technology.
Technology 30 000 000 156 000 000 454 000 000 740 000 000
Rev Share External is a build up from our first ­revenue
Upsell Potential
source of external projects. We do only take external
projects where Ringtail also has a future upside through
revenue share. Cost Technology 50 000 100 000 250 000 21 500 000 87 000 000 239 000 000 384 000 000
Technology is our platform and the hockey stick in- Cost Personel & Other 4 000 000 10 000 000 20 000 000 35 000 000 60 000 000 90 000 000 120 000 000
crease in revenue towards the later years is because
most games take 2+ years in development and our main Revenue Total 4 000 000 8 000 000 42 000 000 150 000 000 326 000 000 774 000 000 1 360 000 000
revenue comes from released games.
Operating Profit -50 000 -2 100 000 21 750 000 93 500 000 179 000 000 445 000 000 856 000 000
 INVESTMENT MEMORANDUM
17/ ROAD MAP

FUTURE ROAD MAP

A solid and achievable development plan from now to full release.

ACCOMPLISHED JANUARY ’24 JULY ’24 DECEMBER ’24

PROOF OF FULL PLATFORM SECOND EARLY ALPHA ALPHA BETA FULL RELEASE
CONCEPT DECOUPLING GAME BASED
Customer Portal Finalizing Core Server Feature Modules Stabilization and Polish
ON PLATFORM
Proven concept of letting Abstraction of the Core Technology for rapid Game
Unity developers write Platform Code Improved Network Full Unity Editor
Development
all the game features Communication Support Integration Feature Expansion for
Creating SDK Real Time Games In App Purchase
working with the Platform Improved NPC Support
(Unity & Platform) Unified Multiplayer verification on Platform
Proven initial scalability Pipeline Multi Tenant Core
State Data Pipeline Initial Live Ops
of the Platform Services Full-scale Security Audit
creation Project Manage­ment Simplified Sync of all services
Tool Expanded
Processes between
Improved Live Ops
Simplified pipeline for Client and Platform Onboarding
Unity Devs Multi Tenant Support
Support Service
3rd Party Payment
Deployment Pipelines for ­system integration
external Projects
Social Feature framework
Onboarding for in game services
Documentation
First Security Audit
INVESTMENT MEMORANDUM
18/ USE OF PROCEEDS

TALENT
ACQUISITION

LEGALS
9% IT

11%
8%
OTHER

7%
€10M

65%
PERSONNEL

USE OF PROCEEDS
The investment amount raised during this investment round will be used primarily to
continue to grow the company and finish the platform for the upcoming release.
With this final investment round, our capital needs are secured and the company has
the muscles ­needed to bring this disruptive technology to market.
INVESTMENT MEMORANDUM
19/ TESTIMONIAL

Over the past 2.5 years, our team at GSB has closely tracked
­Ringtail’s journey, consistently witnessing their remarkable ability
to not only set ambitious milestones but also consistently achieve
them. It is with great pride that we announce our partnership with Ringtail,
as we ­eagerly join their endeavour to introduce a much-needed disruptive
­product to the global market. The timing for this collaboration could not be
more ­opportune, and our enthusiasm knows no bounds as we look forward to
the upcoming years, during which we will wholeheartedly support and assist
Ringtail on their path toward a successful public debut.”

ROSS WHATNALL, FOUNDER & CEO, GSB CAPITAL

 INVESTMENT MEMORANDUM
20/ DISCLAIMER

This memorandum has been prepared by Ringtail Interactive AB (the “Company”) in relation to
a contemplated equity investment in the Company.
The sole purpose of this document is to assist the recipient in deciding whether it wishes to p
­ roceed
with a further investigation of the Company. This document is not intended to form the basis of any
investment decision and should not be considered as a recommendation by the Company or any
other person in relation to the Company. This document does not constitute an offer to sell or an
invitation to invest or tender for the Company.
None of the information contained in this document has been verified by the Company or any
­other person. No party shall have any right of action (except in the case of fraud) against the
­Company or any other person in relation to the accuracy or completeness of the information
­contained in this document or any other written or oral information made available to it in ­connection
with the investment in the Company, except to the extent that any representation or ­warranty
in relation to such information made in any binding investment agreement is enforceable by it.
Any liability under any such agreement shall be subject to such limitations and restrictions as may
be agreed.