Looking Back on a Big Week in Esports Venture Capital Fundraising
Capital continues to flow into the growing esports industry, and this week was more of the same with several funding rounds by major esports organizations.
The first, and most notable, was the $19 million Series A for Fnatic, a professional esports organization headquartered in London that fields teams in multiple games including Fortnite, CS:GO, League of Legends and Rocket League.
A new chapter in our 15 year journey, Fnatic is delighted to announce we have secured $19m in Series A funding!
— FNATIC (@FNATIC) May 1, 2019
According to the announcement, the investment round was led by Lev Leviev of LVL1 Group, a largest social network). The injection of capital will help Fnatic further expand its global brand and strengthen its involvement in major leagues including League of Legends European Championship.
“This is a pivotal moment in the evolution of Fnatic,” said new CEO Sam Mathews, adding, “I am incredibly proud of what we’ve achieved over the past 15 years and now is the time to build on this strong foundation to realize our vision of being the leading global esports brand. To have such high caliber investors is telling of the potential they see in Fnatic and our future. We would not be at this point without the invaluable contribution of Wouter over the last four years, we are extremely grateful and sincerely wish him all the best.”
Fnatic was joined by fellow esports giant Immortals, which $30 million in a Series B round, while also rebranding to IGC.
Immortals is now IGC, read more here!
A Immortals agora é IGC, saiba mais aqui!#IMTWIN
— Immortals (@Immortals) May 1, 2019
According to the recent announcement, existing Immortals shareholders AEG, Lionsgate, the Milken Family, Steve Kaplan and Meg Whitman, joined new investors John Griffin, and March Capital Partners in the round.
In addition to the fundraising, Immortals also announced the acquisition of Gamers Club, the leading Brazilian game matchmaking platform.
“Bringing together a premier platform in Gamers Club and our core esports team operations is a critical and exciting step in enabling IGC to become a vertically integrated, truly global esports and gaming organization,” said Immortals CEO Ari Segal.
These rounds come several weeks after aXiomatic, the parent company of Team Liquid, raised $21.5 million in funding from undisclosed investors.