Mike Stubbs . Business . Tuesday 11th April 2017 . 10:33
Fnatic has just completed a new financing round that has seen them raise more than $7 million.
The investment round saw multiple parties throw some cash Fnatic’s way, with some big names involved. Jim Pallotta’s Raptor Group, Owners of AS Roma and the Boston Celtics; Joi Ito, Director of the MIT Media Lab; Hannes Wallin, CEO and Founder of Fractal Design; and the Hersh Interactive Group were all a part of the investment round.
Fnatic plans to use the money to expand multiple areas, including bringing in a lot more support staff for its teams and continuing to invest in academy teams. Some of the money will also be used to support Fnatic’s other ventures such as its hardware line and Bunkr store.
“There has been strong growth in esports, which has accelerated in recent years, but the major shift has been in the acceptance and inclusion by sports franchises, media companies and high profile individuals who have entered and advanced the industry rapidly,” said Sam Matthews, founder of Fnatic. “We’re incredibly excited by the opportunities available within esports, and having world class investors and advisors only enhances our ability to address these opportunities and continue to innovate.”