North American organisation FaZe Clan has closed its latest funding round, which was led by entrepreneur Jimmy Iovine.
Perhaps known best for being the co-founder of both Beats Electronics and Interscope Records, Iovine led the round alongside NTWRK – a platform he’s invested in that his son, Jamie Iovine, co-founded.
Following the investment, NTWRK has acquired the global direct-to-consumer product rights for FaZe Clan. The platform has previously released limited-edition merchandise for the likes of LeBron James and Billie Eilish.
Iovine spoke on the investment in a release: “We’re at the birth of a new disruptive entertainment genre. 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 combined reach of FaZe Clan and NTWRK is going to be very powerful.”
The amount raised in the funding round was not disclosed, nor were any other contributors. In January, FaZe Clan entered into a $22.7 million (£17.4 million) convertible loan facility with Canaccord Genuity serving as the exclusive financial advisor.
Greg Selkoe, President of FaZe Clan, also commented: “NTWRK will without a doubt provide additional rocket fuel for FaZe to continue extending our brand and cultural influence worldwide. We are excited to be aligned with passionate, like-minded partners that will further contribute to our impact on entertainment and youth culture.”
Esports Insider says: Iovine is a prominent name across the entire entertainment landscape and FaZe Clan loves making noise, so this makes sense to us from the latter’s perspective. Perhaps Iovine’s involvement was leverage for NTWRK to secure the consumer product rights for the organisation?