Major Esports organization Fnatic launches crowdfunding, raises $10 Million

Major Esports organization Fnatic launches crowdfunding, raises $10 Million

Latest Esports news: Major esports organization Fnatic has announced a new $10 million internal funding round and plans to launch a crowdfunding campaign to raise a further $1.3 million.

The internal round of funding was led by Beringea with participation from existing investors Unbound, LVL1 Group, JHD as well as key management. The new round of investment will be used to further grow the already massive Fnatic brand and maintain Fnatic’s place at the top of many esports, as well as hire a new CFO. It also brings the total amount of investment in Fnatic to almost $35 million. The teams have brought in total cash winnings nearing $16 million across 903 tournaments, and inspired brand partnerships with the likes of BMW, Gucci and Lavazza.

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“Esports is an industry experiencing explosive growth, and yet in many ways is still in adolescence,” said Karen McCormick, Chief Investment Officer of Beringea. “Having evaluated the industry from many angles, Fnatic was a relatively simple investment decision given the premier status of the brand, consistency as a true performance company, and growth and engagement of the fan base. The business has also become a global leader in a very capital efficient way, building a standout team while maintaining a clear focus on economics and profitability.”

 

The $10 million will be used to further grow the brand and support its professional teams. The esports firm has also partnered with Crowd cube to start a new crowdfunding campaign, giving the teams’ fans the chance to invest in the business. According to the announcement by the company, the significance of this crowdfunding investment reflects Fnatic’s ‘ambition to innovate.’

The campaign will start on November 19 and aims to raise a further $1.3 million for the company.Funds raised from fans will be specifically be used for initiatives that “seek out and level up the next generation of gamers.”

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