Independent game funding collective Indie Fund has chosen its first three funding recipients, which it will reveal at an Independent Games Summit panel during the upcoming Game Developers Conference 2011.

A post at the Indie Fund blog reveals that half of the group's current funds have been committed to these three development teams, and that two of the funded teams plan to release their titles this year.

Big-name independent developers including Braid creator Jonathan Blow, 2D Boy co-founders Ron Carmel and Kyle Gabler and thatgamecompany's Kellee Santiago unveiled Indie Fund last March in order to "encourage the next generation of game developers."

The principals behind the fund will act as angel investors to indie projects they find deserving, funding their development out of their own pockets in the hopes of making their money back once the projects are released and drawing revenue.

The group began taking applications for funding last July, and is still looking for new fundees through its web site.

More details about specific funding mechanisms, and the development teams that have been selected, will be revealed at the GDC panel on March 1st in San Francisco.

[Originally posted on Gamasutra by Kyle Orland.]