This has helped to narrow the firm’s initial losses in what has evidently been a highly successful year.
Neville Upton, Gfinity Chief Executive, stated: “We continued to deliver on our strategy to become one of the world’s leading promoters of esports competitions and content.
“The launch of new products, such as our Tournament Builder application, strengthened our unique position of providing a complete end-to-end eSports solution, while partnerships with publishers, including EA, Microsoft and Super Evil Megacorp, demonstrate Gfinity’s growing reputation within the esports sector.”
Upton continued: “Following the year-end, we were also delighted to complete a further round of funding, which gave us the opportunity to bring in a major new shareholder, Charles Street International, a well-known and successful technology investor, with considerable experience and contacts in related areas.
“This investment leaves Gfinity well positioned to accelerate its growth strategy into 2017.”
Gfinity generated £1.45m of revenue in the twelve months ending June 30, which is up 158% from £560,000 last year. Meanwhile the company’s operating loss fell by 12% to £3.2m. The overall loss for the year amounted to £3.03mln, compared to £3.58mln the year before.
The company ended the financial year with £83,000 of cash, though some £3.7m was raised in July.
A year of deals and partnerships saw Gfinity established a tournament creator app for Microsoft’s Xbox One in addition to the Gfinity TV online player and its tournament software for PC gaming, which includes anti-cheat and match-making functionalities.
Other major sponsorship deals saw Gillette and HP get involved in esports, whilst the London Gfinity arena was host to the UK leg of the Halo World Series.
Its Microsoft links continued to bear fruit as Gfinity was selected to host events in London, Paris and Mexico City for the Xbox Gears of War 4 Pro-Circuit.
Neville Upton said of the plan for the future: “The esports sector continues to be a very exciting sector in which to operate. With a large, growing and engaged audience of young millennials that broadcasters and sponsors find difficult to reach via other channels, commercial opportunities for leading players in this sector appear strong.”
He added: “The investments that Gfinity has made to date in building its capability and reputation, together with the financial investment received following the year-end, leave it in a strong place to take advantage of these opportunities.”
Esports Insider says: Gfinity’s long term plan is beginning to bear some fruit. Some were skeptical with the amount of money it has sunk without much return in the first year but now the London based company is showing positive signs. With the partnerships it’s established and name it’s making for itself too in the UK and Europe, 2017 should be even bigger and even better.