Swedish esports tournament management platform Challengermode announced Tuesday that it has closed a $12M USD investment led by the eWTP Innovation Fund, Alibaba Group’s global investment arm. SEB Corporate Finance and Advokatfirman Schjødt advised the company during the financing round.
Further investors who participated in the financing round include Telia Ventures and GP Bullhound, and returning investors Back in Black Capital and Swedish soccer player Zlatan Ibrahimovic.
Challengermode, which was founded in 2014, is looking to use the investment’s proceeds to focus on growing its customer base, advancing technology development, and expanding into North America.
