Esports merchandising company We Are Nations has announced the formation of Nations Ventures, an investment vehicle for esports.
Nations Ventures will invest in early-stage companies that don’t compete with the core business of We Are Nations.
The venture aims to “provide opportunities for collaboration, product and marketing enhancement and other economies of scale.” It’s majority-owned by We Are Nations with other ownership coming from existing and new investors in the merchandising company.
Patrick Mahoney, CEO of We Are Nations, spoke on the venture in a release: “Nations Ventures seemed like a smart next step for We Are Nations. Like I’m sure everyone else has been doing since the start of the COVID-19 crisis, I’ve spent a lot more time on calls talking to people a bit more outside my normal orbit than usual. These connections have been great and have opened my eyes to a bunch of ideas that We Are Nations would love to be part of.”
Nations Ventures expects to start making investments in portfolio companies from the third quarter of 2020. Mahoney will be judging the esports pitch competition The Clutch Digital, as part of the ESI Digital Summit, on May 26th.
Dan Cardell, Managing Partner of Nations Ventures, added: “This is an excellent time to launch the fund. We’re seeing tremendous opportunities in the esports space due to the relationships that We Are Nations has built.”
Esports Insider says: We’re intrigued to see which companies Nations Ventures decides to invest in. Giving itself time to find its bearings and identify potential portfolio companies, we’re sure the venture will only select entities that are bringing something new to esports.