Italian esports organisation NOVO Esports has raised €110,000 (~£95,000) through a SAFE (Simple Agreement for Future Equity) deal with two private investors.
In a release, the organisation noted that the capital raise is a ‘crucial step’ towards the organisation’s second investment round. In April 2023, NOVO secured €55,000 (~£47,000) through its first round of investment.
NOVO Esports was founded in February 2023 by the duo of Emanuele Acerbis and Francesco Alacca. The latter spent a number of years as a coach within League of Legends’ European Regional Leagues — the game’s tier-two ecosystem — before joining Acerbis to create NOVO in 2023.
The organisation has fielded teams in League of Legends, Rocket League, VALORANT, EA Sports FC, and Teamfight Tactics and has so far seen its fledging rosters compete across a range of regional tournaments.
NOVO has shown a fondness for grassroots growth with the organisation staking a presence at November’s Milan Games Week by running a dedicated booth. NOVO has also run League of Legends watch parties in Milan, Italy for the LEC and MSI finals earlier this year.
According to its website, NOVO aims to “become a point of reference in the sector and contribute to its development thanks to innovation, professionalism and entertainment.”
On the latest round of funding, Emanuele Acerbis, CEO and co-founder of NOVO Esports, commented on the SAFE deal: “Following our initial investment round in April, this SAFE deal marks another significant milestone for our company, showcasing the attractiveness of NOVO and the esports sector. We are grateful for the trust our investors have placed in us and are excited about what the future holds.
“We believe there are immense growth opportunities in the esports sector, and it’s crucial to gather the capital necessary to leverage these opportunities in the best possible way.”