Philippines-based esports talent agency Tier One Entertainment has announced that venture capital fund Gobi Partners and record label Warner Music Group have invested in the firm.
The strategic investments were made during the company’s Pre-Series A funding round. The total amount raised during the round has not been revealed.
Gobi Partners led the round through its Gobi-Core Philippine Fund, a joint-venture fund with Core Capital.
According to the release, the funding will be used by Tier One to set up local operations in other Asian countries. As of this writing, the organisation currently is operational in Malaysia, Myanmar and the Philippines.
Moreover, the financing will be utilised to hire back-end teams that are expected to support its talent and expand its operations within Blacklist International, Tier One’s esports team.
Tryke Gutierrez, Founder, and CEO, Tier One Entertainment, commented: “The gaming industry is going through a golden age and this funding will help accelerate our growth by allowing us to replicate our success in other markets. In just a few years of operations, we’ve found a winning formula in esports and gaming by developing a robust business model around top tier content creation and authentic distribution.
“We firmly believe that we are an Asian behemoth in the making and now that we have more support from established venture capital firms around the globe, Tier One Entertainment is now poised for explosive growth.”
Singapore-based family office Octava, Japanese internet company KAYAC, and Atlas Ventures also contributed to the funding round. The announcement also revealed that Tier One plans to set up a content creation hub in the Philippines.
Carlo Delantar, Partner, Core Capital, added: “Tier One showed their resilience and agility through their meteoric rise in the industry. Not only did the team understand the complex space of esports and entertainment, Tier One continues to thrive by expanding its footprint across the region. We’re excited to have Tier One join our portfolio of startups under the Gobi-Core Philippine Fund.”
Esports Insider says: Tier One Entertainment continues to highlight its growth in Asia, this time through high-profile investments. The funding looks to accelerate Tier One’s trajectory as the firm plans to bolster its other avenues and expand into more regions.