North American esports organisation and competitive platform Generation Esports has announced it has closed its latest Series A funding round with a total of $10.8m (∼£7.83m) secured.
The funding raised will be used to support the organisation’s community and student esports initiatives.
The funding round was led by early-stage technology company investor Altos Ventures, with FJ Labs also taking part alongside other unnamed entities.
Mason Mullenioux, Co-Founder and CEO of Generation Esports, commented on the funding round: “We are thankful to Altos Ventures, FJ Labs, and additional investors and sponsors for supporting our ability to improve our industry-leading competitive esports platform. Together, they form a solid foundation that further enables us to roll out enhanced league features. The additional resources will allow our high school and middle school esports leagues to expand their respective scholastic programs that more than 140,000 student members across all fifty states have enjoyed over the last nine years.”
Generation Esports is largely known for the High School Esports League, one of the longest-standing collegiate esports leagues for students in North America, Australia, and New Zealand.
As well as announcing its funding total, Generation Esports also revealed that Intel, ASUS, and the Army National Guard will continue to support the organisation and its leagues through ‘2021 and beyond’.
Dillon Krasnigor, a member of the Altos Ventures Investment Team, spoke on the round: “We are excited to invest in and help GenE build a global esports platform enabling anyone from young students to adults to compete and participate in online gameplay around the world.
“We believe the company is well-positioned to positively impact the esports industry and further demonstrate the educational benefits of competitive video gaming.”
Esports Insider says: Thanks to the funding raised, Generation Esports has acquired the means to expand its existing projects, along with the ability to create new ventures, as the company looks to grow exponentially.