Esports company GGTech Entertainment has secured $12.4m (~£9.75m) in investment from growth equity firm Glisco Partners and investment management company Heart Beat.
According to a release, the investment will focus on GGTech’s entry into North America, as well as propelling its presence in Europe, MENA and LATAM.
Based in Spain, GGTech Entertainment is a prominent tournament organiser for amateur, semi-pro and educational esports tournaments. Some of the company’s notable projects are Europe’s Amazon University Esports and Gamergy, one of the largest gaming events brands in Spain.
Further fueling GGTech’s expansion, the company recently acquired UK-based university esports company NUEL.
Specifically, Glisco Partners has invested $11m (~£8.65m) into GGTech, whereas Heart Beat accounted for the remaining $1.4m (~£1.1m).
Further emphasising the company’s push into the United States, José Parrilla, Co-Founder and CEO of GGTech Entertainment, stated: “As the leading organizer of multi-language Esports events and tournaments in Europe, MENA, and Latin America, GGTech is highly confident about our growth prospects in the United States. Video games, and in particular Esports, have continued to gain popularity, especially in the U.S., where more than half of the population now plays regularly.
GGTech’s planned expansion into the US seems like the next logical step for the esports company, particularly since the region’s competitive collegiate scene is more mature than other markets.
One of the biggest players in this category is NACE Starleague, which sees universities compete across a range of games such as CS:GO, Rocket League, and League of Legends. Some of NACE’s commercial partners also include Monster Energy, DUNKIN’ Donuts and Corsair.
Discussing the investment, Alfredo Castellanos, Managing Partner of Glisco Partners, commented: “Our investment in GGTech is part of our strategy to support highly disruptive companies in increasing their market share and entering the U.S. market. GGTech was particularly attractive because of its proven business model and strategy to leverage its content production studios in Mexico and Spain to service the growing Esports market in the U.S.”
