Team SoloMid (“TSM”) is to receive $25,000,000 in investment from Venture Capital firm Bessemer, according to ESPN reports.
The report from ESPN suggests that the significant investment from Bessemer satisfies over half of the capital TSM was looking to raise in coming weeks and/or months. The two will now work together to raise additional funds which could well be larger than the initial contribution from Bessemer. Per U.S. regulation, any funding round must be declared and thus the desired target will be discovered when TSM files to the U.S. Securities and Exchange commission.
The Bessemer investment is undoubtedly significant, with the VC firm being one of the oldest in the United States and currently holding a whopping $5.4 billion under management. As of yet it’s unclear where the additional funding will come from, but there’s evidently no shortage of investors interested in a slice of the proverbial esports pie. Yesterday the LA Dodgers announced an expansion of its accelerator program with esports organisations listed as areas of interest so it would not be overly surprising if we saw another big sports team enter the fray.
Team SoloMid are one of the endemic organisations that managed to retain its sot in the North American League of Legends Championship Series following Riot’s decision to franchise the league. The team is undoubtedly the strongest in the region, consistently winning and being considered one of, if not the best team in the West consistently. The teams alarming underperformance at World’s has been a recurring theme, however and this is something the team will be looking to correct coming into the new season.
Outside of League of Legends, TSM also showcase other teams, including a fairly recent entrance into PlayerUnknown’s Battlegrounds, picking up a talented squad of BreaK, Smak, Viss and aimPR as the fledgling esport looks to gather momentum this year.
Esports Insider says: More fabulous investment for a very reputable and well established organisation. Here’s hoping this year the League team will make a splash at the World Championships. That’s assuming they actually make it there this time…