Dallas-based esports organisation Team Envy has raised $20 million (£15.7 million).
The identity of those who invested in Team Envy haven’t been disclosed at this time, though they’ve been described as prominent local investors and a select roster of national investors.
German poker star Fedor Holz entered the esports industry in December 2017 when he invested in both Team Envy and Dallas Fuel. He made an undisclosed financial investment, but we do know he has earnings of over $32 million (£25.1 million).
In June 2018, the organisation welcomed Geoff Moore as its President and Chief Operating Officer (COO). With 25 years of experience in sports marketing, Moore previously served as the COO of Circuit of the Americas (COTA) and as the Executive Vice President of Sales and Marketing of the Dallas Stars.
Team Envy competes in a number of titles, including Call of Duty, Counter-Strike: Global Offensive, FIFA, Fortnite, PUBG, Paladins, Rocket League, and Street Fighter. It also owns Overwatch League franchise Dallas Fuel, which joined the competition before the inaugural season alongside 11 other investors.
This is the first major investment in an esports organisation of the new year. In 2018, there were a number of prominent investments – for example, 100 Thieves received $25 million from the likes of Drake, Team Vitality received $20 million from Tej Kohli, Team Liquid’s parent company aXiomatic raised $25 million in Series B funding and received $26 million in Series C funding, and Cloud9 received $50 million in Series B funding.
Esports Insider says: Titanic investments such as this are starting to become commonplace in the esports industry, which means that organisations may feel left behind if they too don’t raise this level of capital – especially with the increase in franchising and typically-high buy-in costs. Team Envy has been a prominent brand in the scene for a number of years and this investment will aid in maintaining a solid level of relevance going forward.
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