Australian payment processor SQID Technologies Limited has acquired $2.15m AUD (~£1.2m) worth of shares in esports organisation The Chiefs Esports Club, operated by ICON Esports.
The capital raised will be used to expand ICON Esports’ commercial and business activities in 2021, which includes The Chiefs Esports Club.
RELATED: Chiefs Esports Club enters year-long partnership with Optus
According to the release, a joint focus on the development of revenue drivers outside the core esports organisation will also occur.
Nick Bobir, CEO of ICON Esports and The Chiefs Esports Club, spoke on the investment: “With the support of SQID Technologies we will be able to further expand upon our position in the market as the leading gaming and esports brand in the region.
“2020 was a tough year around the world but despite the challenges, we were able to successfully grow the brand while building aspects outside of the core esports business. It was also very important to spend the last 18 months building a sustainable business and move into profitability which we managed to achieve. We are excited to now focus on key growth areas across the Chiefs and ICON network in 2021 and beyond.”
The expansion is expected to be supported further by the launch of the organisation’s ecommerce business in quarter two of this year, as well as by other strategic mergers and acquisitions yet to be revealed.
RELATED: ESL Gaming opens esports studios in Australia
Athan Lekkas, CEO of SQID also commented: “The team at ICON have done a tremendous job building a sustainable business with significant revenue in an embryonic industry that is set to take off. Even during a global pandemic they have been able to deliver key campaigns with some of the largest brands in the world and solidify themselves as the clear industry leader in the region.
“With the implementation of SQID’s resources including our payment technology and mobile platforms we look forward to continuing to exponentially grow both businesses together with shared goals and vision for the future.”
Esports Insider says: ICON Esports is visibly invested in helping to shape the commercial landscape of Oceanic esports. Since ICON Esports acquired The Chiefs Esports Club in 2019, the club has seen notable growth and secured a number of strong partnerships with global brands. Thanks to the additional investment, this growth will undoubtedly be able to continue throughout 2021 and beyond.