The debt capital raise came from Summit Partners, a private equity and investment firm that oversees more than $21 billion (£16.2 billion) in total assets.
Amish Shah, Co-founder of ReKTGlobal, commented in a release: “We are thrilled to announce this news and look forward to a long-term partnership with Summit Partners. We believe our dedicated teams and strategic partnerships separate us from other esports organisations, and we couldn’t be more proud to welcome Summit Partners as our debt capital partner.”
With this debt capital raise, ReKTGlobal plans to further expand its product portfolio, attempt to accelerate growth by hiring additional executives, and further monetise its existing assets. ReKTGlobal also oversees companies such as Greenlit Content, fan engagement platform Fullcube, and media agency Fearless Media.
ReKTGlobal and Rogue have collectively amassed a large number of high-profile and celebrity investors, including musicians DJ Steve Aoki and Imagine Dragons as well as professional athletes Rudy Gobert and Landon Collins.
Adam Britt, Managing Director at Summit Partners, added: “We believe ReKTGlobal is well-positioned to continue delivering strong, profitable growth. Co-founders Amish Shah and Dave Bialek have an exciting vision for this business – one that we believe bridges the gap between the music, entertainment, sports, apparel and gaming industries – and we look forward to being a partner in that growth.”
Esports Insider says: This is a significant chunk of capital for ReKTGlobal to work with following a couple of busy years of acquiring companies, adding notable investors, and expanding into franchised leagues. It will be very interesting to see how the firm uses the funding in the months and years ahead.