Modern Times Group (“MTG”) has launched a $30 million (£22.3m) investment fund that is set to target both US and European online gaming companies.
According to the report from Sports Business International, the fund will complement the broadcaster’s larger-scale acquisitions. The company intends to use the fund to invest in five to 10 companies per year over the next three years.
The fund will be used to target companies that present “strategic value to the group” in the fields of online gaming, esports as well as gaming-focused virtual reality and augmented reality.
MTG are best known in the industry for acquiring 74% of ESL back in 2015 and thus are no strangers to the world of esports.
Jørgen Madsen Lindemann, MTG President and CEO, said: “We are stronger than ever in our traditional markets, with exciting content that engages diverse audiences across multiple platforms and on every screen. At the same time, we are leading esports into the global mainstream, captivating hundreds of millions of online gamers, and creating video content that generates billions of views across the world.
“MTG’s expertise is in storytelling and we want our stories to be available everywhere. Our partnerships with content creators and distributors around the world, and the rapid growth of our digital products, clearly demonstrate the relevance of our stories and provide the basis for our long term profitable growth. This is why we are also launching a gaming fund to help nurture the next generation of digital entertainment experiences.”
Esports Insider says: Great to see a dedicated fund set up for further investment into the esports space. ESL are one of the giants in the space, so it’ll be interesting to see where the MTG funds go next.