Last month featured some significant news from Saudi Arabia, with the country dedicating billions towards esports and gaming through Savvy Games Group. FlyQuest also acquired some new owners and X1 bought another Rocket League-focused business. On the flip side, Enthusiast Gaming and social media app Juked disclosed difficult financial announcements.
There’s certainly a lot to unpack when it comes to September 2022’s esports investment report.
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Spotlighted story
Saudi Arabian esports and gaming company Savvy Games Group (SGG) has announced a SAR 142bn (~£34.5bn; $37.9bn) investment strategy as it looks to establish itself as a key player in the esports and gaming industries.
The sweeping strategy includes plans to acquire a leading game publisher as well as invest in ‘key companies’, industry disruptors and mature industry partners.
Esports and media holding company Enthusiast Gaming has sold its media assets to an unnamed company for CAD $6.8m (£4.56m).
Specifically, Enthusiast Gaming has sold Destructoid, Escapist Magazine, Operation Sports, PC Invasion, Siliconera and Upcomer. According to a report by Journalist Jacob Wolf, the buyer of the assets was gaming media company GAMURS Group, the owners of esports publication Dot Esports. This has later been confirmed by GAMURS.
Esports and online gambling duo Tim Whyles and Adam Savinson have joined forces to launch Zealium Media, an esports-focused media business.
Both Whyles and Savinson were previously the Managing Director and Esports Director, respectively, of Betway Group’s BG Marketing Services. In an announcement, Zealium Media highlighted its growth plan, which includes building media assets and publications within competitive esports and beyond. Esports Insider has learned that initially, the company will focus on VALORANT.
Esports social media app Juked has had a rough September. The company announced that it is running low on finances and is looking for investors. Juked CEO Ben Goldhaber explained via Twitter that the company needs more money in a matter of weeks, and Juked will be forced to shut down from October 7th if no additional funding is secured.
Juked did raise some money in 2022, but fell short of its $400,000 (~£372,000) goal, prompting the company’s CEO to start searching for investors.
Canadian esports and entertainment company X1 Esports has entered an agreement to buy Rocket League statistics platform Octane.gg for $35,000 (~£30,400) in cash.
The purchase comes just months after X1 bought Rocket League news outlet ShiftRLE. The company says the objective of the acquisitions is to form a content hub for the game’s community.
North American esports organisation FlyQuest has been acquired by the Viola family office, the owners of NHL team Florida Panthers.
The Viola family purchased FlyQuest off Milwaukee Bucks’ Co-owner Wesley Edens and Fortress Investment Group. This is the first time FlyQuest has changed ownership since the organisation was founded in 2017. Financial details regarding the price of the acquisition have not been disclosed.
Tech company eVenture Limited, the owners of VPN service hide.me, has agreed to acquire Croatian esports organisation Valiance, the two parties confirmed via a release.
Under new leadership, Valiance will continue competing in League of Legends, but the new owners noted that the organisation will now have the support it needs to further elevate its performance. Hide.me will also be the main jersey sponsor for Valiance.
Brazilian esports organisations Los Grandes and Team oNe have merged following a purchase agreement.
Los Grandes has purchased Team oNe for an undisclosed amount. Despite financial details not being revealed, Los Grandes stated to Esports Insider that the purchase now values the organisation at R$100m (~£16.84m).
