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London-based Fnatic bags £7.5M, launches crowdfunding to let esports fans spurt further growth

Fnatic, the London-based global esport brand has raised $10 million (approx £7.5 million) in funding to accelerate its global growth. The round was led by Beringea with participation from existing investors Unbound, LVL1 Global, JHD as well as key management. To date, the company has $35 million (approx £26.4 million) across its various funding rounds.  

“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.”

Launched crowd equity campaign

Alongside, Fnatic has also announced that it has launched a crowd equity campaign with Crowdcube to provide an opportunity for its growing fanbase to invest in the business. 

“We’ve been looking to conduct a crowdfund campaign for a while,” said Sam Mathews, founder, and CEO of Fnatic. “This investment provides the perfect opportunity for our community, friends, and enthusiasts to join our established investors and own a piece of Fnatic. Crowdfunding is a dynamic and increasingly popular way to fundraise as it provides an opportunity to transform our active and engaged community into investors by giving them the chance to get closer to our journey than ever before. We’re very excited to be working directly with our audience, partnering with them to shape the future of Fnatic, and of entertainment, sports, and gaming performance.”

Further, the proceeds of this campaign will be directly allocated to initiatives that will foster the advancement of Fnatic’s mission to seek out and level up the next generation of gamers. 

According to the company, esports viewership and gaming have boomed in the past year, and this campaign offers investors the opportunity to support and play an active role in the growing esports movement. 

Second most-watched team, 200 championships, and more

Founded by Sam and Anne Mathews in 2004 in the early days of the professional video gaming industry, Fnatic has been ranked consistently as one of the most viewed teams among western esports fans and is the second most-watched team of 2020 with over 110 million hours watched, to date. Fnatic has claimed more than 200 championships across 30 different games.

So far, the esport brand has won a cash prize of $16 million (approx £12 million) across 903 tournaments. Further, the company has partnered with innovative brands including OnePlus, BMW, Gucci, AMD, Monster, Hisense, and more. 

Headquartered in London, Fnatic has offices in Berlin, Belgrade, Taipei, LA, and Kuala Lumpur.

The post London-based Fnatic bags £7.5M, launches crowdfunding to let esports fans spurt further growth appeared first on UKTN (UK Tech News).

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