Esports investment report, March 2024: Esports Islands, OverActive Media and Complexity

Esports Investement MARCH 2024

Esports Insider’s monthly roundups of the most important esports investment stories are back in 2024. Notably, March 2024 saw True Gamers announce a real-world ‘esports island’, Complexity sold back to Jason Lake, and OverActive Media finished its acquisition of KOI and Movistar Riders.

Here is a roundup of the most important esports investment stories from March 2024.

To learn more about esports investments, make sure to subscribe to ESI’s Angels & Unicorns newsletter — a monthly roundup of the biggest stories in the world of esports investments, mergers, and acquisitions. 

Spotlighted story

esports island abu dhabi
Image credit: True Gamers

Esports lounge network True Gamers has announced plans to build a large-scale ‘esports island’ in Abu Dhabi, United Arab Emirates.

The island will include training facilities, a tournament venue, content creation spaces and hotels for accommodating esports and gaming personnel.

The ambitious idea is based on an actual, real-world island located near the UAE capital Abu Dhabi. True Gamers is currently in talks with ‘high-profile investors’ to acquire the $280m (£219m) needed to both acquire the island and build all facilities that are needed for the project.

Saudi Arabia announce two venture funds for gaming and esports
Photo Credit: SPA

Saudi Arabia’s National Development Fund (NDF) has announced the establishment of two venture funds in collaboration with the country’s Social Development Bank (SDB).

The signing was announced last week during the LEAP 2024 technology conference in Riyadh, with the funds valued at SAR 450m (~£93.81m or $120m).

The initiative, which is part of the Gaming and Esports Financing Programme, will provide funds for gaming and esports companies through equity investments. The fund aims to accelerate growth and amplify the industry’s economic and social impact.

Jason Lake, founder of Complexity
Image credit: Jason Lake via X

North American esports conglomerate GameSquare has sold Complexity Gaming to an investor group led by the esports organisation’s founder and CEO Jason Lake.

Complexity’s assets and intellectual property, including its esports team, have been purchased by the investor group Global Esports Properties for $10.36m (~£8.19m). The purchase follows GameSquare and FaZe Clan shareholders approving their merger earlier this week.

Jason Lake founded Complexity in 2003. GameSquare acquired the esports organisation for $27m in 2021. GameSquare has also released some additional financial details regarding the Complexity purchase. This includes Global Esports Properties paying the company $750,000 (~£593,000) when the transition is closed.

Image of OverActive Media, KOI, and Movistar Riders logos on blue and purple background
Image credit: OverActive Media

Canadian esports company OverActive Media has completed the acquisitions of Spanish esports organisations KOI and Movistar Riders.

This marks the conclusion of a move that has been in the works since the early days of 2024. OverActive has also appointed founders of both KOI and Movistar Riders to its board and announced several other leadership changes.

This merger makes OverActive one of the most prominent esports holding companies in the world, with properties across multiple markets and games, as well as a substantial following and large content creator network.

Continuum X Group
(ESI Illustration) Image credit: Continuum X Group, Jonas Gundersen

Following his departure from the Swedish esports organisation Ninjas in PyjamasJonas Gundersen has officially launched his own venture, the Continuum X Group.

Gundersen made the announcement via a social media post, noting he is looking to bring value to the esports ecosystem by offering a combination of investments, strategic advisory and management.

Continuum X Group is an investment, advisory, and management firm with a focus on the esports and gaming space. As well as founding the company, Gundersen will also take the role of CEO.

MOUZ Hamburg headquarters
Image credit: MOUZ

German esports organisation MOUZ (formerly known as Mousesports), has announced a new headquarters in the German city of Hamburg, set to open this summer.

The new headquarters will have 1,400 square meters spread across three floors and will be located in the city’s centre. It will offer office and training spaces, as well as have a portion that is open to the public.

The new headquarters in Hamburg will open in early summer 2024, with the new facility located in the city’s centre, very close to the Hamburg Central Station. MOUZ said the facility would offer the ‘ideal conditions’ for team development and supporting young talent, describing the space as both a headquarters and a ‘performance and event centre’.

MNM Gaming
Image credit: MnM Gaming

UK-based esports organisation MNM Gaming has entered into administration, according to UK Government platform Companies House.

First reported by Esports News UK, the organisation has been listed on the official government platform as ‘in administration’, a process that occurs when a business can no longer meet debt obligations. As a result, MNM is in the process of closing down, with its assets sold to pay outstanding debts.

The UK’s Companies House platform has listed MNM Gaming as ‘in administration’ since late January 2024. In addition, an insolvency firm was appointed as its administrator in February, providing strong proof of MNM’s financial struggles. The company’s social media has also been dormant for several months.

Ivan Šimić
Ivan comes from Croatia, loves weird simulator games, and is terrible at playing anything else. Spent 5 years writing about tech and esports in Croatia, and is now doing it here.