Swedish fantasy esports platform E-GO APP has secured a 3m Swedish Krona (~£238,887) capital injection.
This injected capital is a combination of a 1m Krona (~£79,629) growth loan and a 2m Krona (~£159,258) pre-seed funding round. Additionally, E-GO APP has an optional growth loan of 2m Krona during the second half of 2023.
E-GO APP is a fantasy platform based in Sweden, which currently supports three major titles: League of Legends, CS:GO and Dota 2. The platform has three partners, including one with gaming peripheral company Xtrfy.
According to the release, the investment funds will be used to further develop E-GO APP’s B2B product and social features in order to make it more accessible to both endemic and non-endemic businesses. Moreover, the company aims to “set a new standard for how esport fans experience the action together with friends”.
The initial growth loan is said to have come from a large bank in Sweden, with the additional optional loan coming from another separate Swedish bank. The main investors in the pre-seed round included Viktor Maisey and Åsa Holmström, the company’s CEO and Chairwoman, respectively.
Despite difficult financial and geopolitical times, the company said it has seen strong interest in its product – which is designed to enable easy access to brand engagement with esport fans on a global level. As such, the company expects its product to continue to grow alongside the wider esports industry.
“We strongly believe in the future of esports, and we are excited to be a part of it”, Viktor Maisey, CEO of E-GO APP commented. “This funding will allow us to keep innovating and grow, and we look forward to continue to deliver exceptional results for our customers and unparalleled experiences to our users.
“We are committed to continuing our mission of delivering a best-in-class fantasy esports experience to our users, and this funding will enable us to do so even more effectively.”