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TUG developer Nerd Kingdom has laid off half its team after failing to secure additional investment for the project.

The studio claimed that it had been set to receive new funding for its Kickstarter-backed game, which last year raised $293,184, to keep the team together until the end of the year, but this fell through after the investor decided to hold the money back.

In a statement to backers, the developer said it had decided to retain independence rather than secure investment by losing all control and ownership of the project.

It added as a result of loss of funding and staff cuts, there would be a delay in delivering the promises it had set out in its Kickstarter goals.

Despite missing out on investment, Nerd Kingdom could yet receive publisher backing that would give it access to more resources to make the game bigger than previously envisioned. The studio said however it will reach out to the community before accepting any offer of investment.

A crowdfunding campaign for TUG was launched on Kickstarter in May 2013, raising $293k from more than 7,000 backers. The game was subsequently released on Steam through Early Access in March this year.