London-based esports organization called Fnatic announced that they were successful in raising $10 million in an internal investment round. Fnatic came out as the second-most-watched esports company this year with more than 110 million hours watched.
Consequently, a lot of other companies were eager for investing in it. Unbound, LVL1, and JHD were among some of the companies that decided to invest in Fnatic. The whole venture for Fnatic was headed by the venture capital firm Beringea. The money raised in this campaign will help with the global growth of the company as a whole, and Fnatic is hoping that it would help improve its esports teams. Apart from this amount of money raised, Fnatic also announced that they are looking forward to starting another crowdfunding campaign in the near future.
“We’ve been looking to conduct a crowdfunding campaign for a while,” Fnatic founder and CEO Sam Mathews said in a statement. He further added, “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.”
Karen McCormick, the Beringea chief investment officer, said in a statement, “Esports is an industry experiencing explosive growth, and yet in many ways is still in adolescence. 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.”