eSports Organisation Fnatic Raises £14.6M and Prepares For Ambitious Expansion

UK-based eSports organisation Fnatic raises £14.6m in Series A funding and reorganises leadership ready for global expansion.

UK-based eSports organisation Fnatic has raised £14.6 million ($19 million) in Series A funding and reorganised its leadership.

Investment was led by “King of Diamonds” Lev Leviev of LVL1 Group, with significant funds also committed by Beringea, BlackPine, Joi Ito, and Unbound.

The London-based esports organisation is planning to use the funds to power its ambitious worldwide expansion, further its LEC presence, launch a range of audio products, and invest in player psychological and physical health and welfare.

To give a sense of scale of Fnatic’s ambitions, Reuters reported that founder and CEO Sam Matthews says he wants to take the Fnatic headcount from its current 150 to over 1,000 within five years.

Discussing the news CEO of Fnatic, Sam Matthews, said:

“This is a pivotal moment in the evolution of Fnatic I am incredibly proud of what we’ve achieved over the past 15 years and now is the time to build on this strong foundation to realise our vision of being the leading global esports brand. To have such high caliber investors is telling of the potential they see in Fnatic and our future.”

While investor Lev Leviev added:

“Esports is the future of entertainment as well as one of the most dynamic and exciting emerging industries out there. Fnatic has established itself as a driving force both on the competitive stage and as a global business in esports, I’m excited to be part of the next chapter as Fnatic scales into a global lifestyle brand”

Fnatic has already reorganised its management team in anticipation of major growth, with former Head of Commercial Strategy Nick Fry becoming Chairman, advisor Glen Galvert becoming COO, and Sam Mathews back in his role as CEO, replacing Wouter Sleijffers who is stepping down after 4 years.

The organisation is also advertising the London-based position of Chief Marketing Officer.

bitcoin
Bitcoin (BTC) $ 9,758.49 1.37%
ethereum
Ethereum (ETH) $ 268.25 1.09%
ripple
XRP (XRP) $ 0.274933 1.87%
bitcoin-cash
Bitcoin Cash (BCH) $ 390.29 2.62%
bitcoin-cash-sv
Bitcoin SV (BSV) $ 289.64 1.04%
litecoin
Litecoin (LTC) $ 76.58 1.11%
tether
Tether (USDT) $ 0.999016 0.57%
eos
EOS (EOS) $ 4.21 1.00%
binancecoin
Binance Coin (BNB) $ 22.58 0.53%
tezos
Tezos (XTZ) $ 3.27 4.85%
S&P 500  ^GSPC 
$3,337.75  $35.48  (-1.05%)
Dow Jones Industrial Average  ^DJI 
$28,992.41  $227.59  (-0.78%)
NASDAQ Composite  ^IXIC 
$9,576.59  $174.37  (-1.79%)
Russell 2000  ^RUT 
$1,678.61  $17.46  (-1.03%)
Crude Oil Apr 20  F*CL.NYM 
$52.18  $1.70  (-3.16%)
Gold Apr 20  GCJ20.CMX 
$1,662.70  $42.20  (2.60%)