Fnatic Esports Brand Receives Over $7 Million In Financing
There are a lot of data points in the realm of esports that are difficult to verify, including how much revenue is being received by the industry on an annual basis, as well as what accounts for said revenues. One area where there is no dispute in quantifying esports’ success is in the space of raising funds, which many esports teams have been able to accomplish with speed and skill.
The latest leading esports brand to raise significant capital is Fnatic, which announces a financing round of more than $7 million. Investors include Raptor Group, owners of AS Roma and the Boston Celtics; Hersh Interactive Group; Joi Ito, Director of the MIT Media Lab; and Hannes Wallin, CEO and Founder of Fractal Design.
“There has been strong growth in esports, which has accelerated in recent years, but the major shift has been in the acceptance and inclusion by sports franchises, media companies and high profile individuals who have entered and advanced the industry rapidly,” says Fnatic Founder Sam Mathews. “We’re incredibly excited by the opportunities available within esports, and having world class investors and advisors only enhances our ability to address these opportunities and continue to innovate.”
Mathews formed Fnatic in 2004 with the intention to create not only an esports team, but a brand first and foremost. That brand has expanded to launch a line of products and employ over fifty individuals from nutritionists to sports psychologists. Mathews says that the new round of funding will be used to further develop his team’s infrastructure and product lines, which includes esports equipment and apparel through its line of Fnatic Gear.
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It will also undoubtedly be used to attract premier talent, which has largely led to Fnatic’s successes that include winning the first League of Legends world championships and owning the bragging rights to having won more Counter-Strike Global Offensive (CS:GO) Majors than any other esports franchise.
Even with all of Fnatic’s success, $7 million in fundraising is nothing to scoff at, especially for an industry that still has a somewhat tough time demonstrating a real return on investment. Yet, investors are excited about the potential growing opportunities in the space.
“Fnatic is at the forefront of advancing esports, constantly deploying innovative forms of engagement and monetization that we believe will transform the overall sports and entertainment industry over time,” concludes Raptor Group Investment Officer Chris Pallotta.
Source: Forbes