Edge, a data-driven payments platform focused on esports player and influencer contracts, announced today that it has raised $1.5m (£1.14m) in an investment round.
The startup’s platform is based around smart contracts, which automate elements such as competitor payments and directly integrates with games and social platforms alike.
Adam Whyte, co-founder and CEO of Edge, commented in a release: “When we started Edge we were very focused on the value of smart contracts for both businesses and the individual. The esports and video games industry is young and fast-paced, and unfortunately certain processes and regulations often fall by the wayside.
“Our ambition initially was to create something that would make the industry safer, and over time we’ve found our Edge technology has multiple purposes. We see huge value in connecting data, contracts and payments. If you’re running an influencer campaign and the required content isn’t posted, the contract isn’t fulfilled and payment won’t be made. We can monitor in-game and social performance and only pay when content is delivered. It’s as simple as that.”
The $1.5m round was led by Blake Picquet, who oversees his family office partnerships and has a stake in Major League Baseball’s Texas Rangers. Additional investors include Green Egg Ventures, Game Tech Ventures, and Robert Reeg, the former President of Mastercard Global Technologies.
Edge will use the funds to boost facets of the business such as marketing and business development, as well as further developing its technology as it launches features such as Edge Sandbox, which can be used to quickly build smart contracts. The startup also aims to add further games and social media integrations.
“We invested in Edge because we believe in their vision. Using data to power and automate business makes sense in a global economy that is increasingly measured in reach, clicks, likes and engagements,” said Picquet, in a release.
“We love the intersection of sports, tech, and media investments. Edge is enabling the growth of the influencer, streaming, and gaming industries by providing a purpose-built solution. Edge uses new world solutions for new world industries. Their executive team couldn’t be better assembled to tackle this complicated problem with a simple solution. We are excited to give Edge lift-off internationally and look forward to supporting their growth in the US initially.”
Esports Insider says: Edge seeks to make it simple to handle a part of esports business that could be very complicated and time-consuming. Whyte told us earlier this year that he envisions Edge being useful far beyond esports, too, so this investment could also help begin that wider expansion into other industries.