Esports infrastructure company Nerd Street Gamers (NSG) has raised $11.5m (£8.48m) in additional funding, with the round led by venture capital firm Founders Fund.
According to the release, the additional funds will be used to accelerate the company’s growth.
Despite the closure of NSG’s Localhost facilities due to the coronavirus pandemic, the company still achieved growth thanks to the firm’s digital offerings which ranged from Nerd Street+, the company’s subscription service, to hosting a number of online tournaments.
John Fazio, Founder and CEO of Nerd Street Gamers, commented on the deal: “Nerd Street being added to Founders Fund’s portfolio of industry-pioneering organisations is one of our greatest honours to date.
“Within minutes of meeting Brian, it was clear that he was profoundly aligned with our vision and mission. Backing us during the uncertainty of a global pandemic is a testament to Brian’s bold foresight and an incredible validation for our entire team.”
This round of funding comes after the company raised $12m (~£8.8m) through its Series A funding round in October 2019. Since then, NSG has collaborated with the likes of Riot Games and continued to open Localhosts in Austin, Texas, Philadelphia, and St. Louis.
Brian Singerman, a partner at Founders Fund, also spoke on the funding raised: “I was impressed with John from our first meeting and knew I wanted to help advance his vision of building a robust infrastructure to support gamers of all ages and skill levels.
“As a gamer myself, I’ve watched the massive growth of esports over the years. Esports are surpassing traditional sports in the number of players and audience size, especially among younger demographics, and Nerd Street is in a perfect position to capitalize on that shift.”
Esports Insider says: The continued growth of Nerd Street Gamers is nothing short of impressive amid a global pandemic. Thanks to the additional capital raised by Founders Fund, this growth will undoubtedly be able to continue throughout 2021 and beyond.