London-based esports organization Fnatic announced Wednesday they raised $10 million in an internal investment round headed by venture capital firm Beringea.
Unbound, LVL1 Group and JHD were among investors, helping raise Fnatic’s total gains from multiple funding rounds to nearly $35 million, the org announced on its website.
The money is intended to prompt “global growth” and help improve Fnatic’s esports teams.
In addition, Fnatic announced they are starting a crowdfunding campaign run through Crowdcube.
“We’ve been looking to conduct a crowdfund campaign for a while,” Fnatic founder and CEO Sam Mathews said in a statement. “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.”
Fnatic stated it is the second-most-watched esports team this year with more than 110 million hours watched to date.
Beringea chief investment officer Karen McCormick 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.”
Fnatic fields esports teams in Counter-Strike: Global Offensive, League of Legends, Dota 2, Rainbow Six Siege, Fortnite Battle Royale, PUBG Mobile and FIFA.
–Field Level Media