Entrepreneur Iovine leads FaZe Clan funding round

Gaming organization FaZe Clan ended its most recent funding round, securing investments from e-commerce platform Ntwrk and entrepreneur Jimmy Iovine.

Under the agreement, Ntwrk will receive the worldwide direct-to-consumer product rights for FaZe Clan.

The company has distributed limited-edition products from LeBron James, Billie Eilish and others.

Also investing in FaZe Clan is Iovine, the co-founder of Interscope Records and Beat Electronics. His son, Jamie, is one of the founders of Ntwrk.

“FaZe Clan is a very powerful pipeline into gaming culture and their cultural impact reminds me of the early days of ‘90s hip hop,” the elder Iovine said in a news release. “The combined reach of FaZe Clan and Ntwrk is going to be very powerful.”

The amount raised and the identities of other contributors were not revealed.

“Ntwrk will without a doubt provide additional rocket fuel for FaZe to continue extending our brand and cultural influence worldwide,” said FaZe Clan president Greg Selkoe. “We are excited to be aligned with passionate, like-minded partners that will further contribute to our impact on entertainment and youth culture.”

Ntwrk is a video e-commerce platform directed toward the Gen Z and millennial age groups.

–Field Level Media

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