Fnatic Raises $7 Million in Funding, Will Improve Team’s Product Lines
Fnatic has announced a monstrous round of successful funding, raising $7 million in capital for the continued expansion of its profound esports brand.
The investment groups include some of the biggest names in traditional sports such as Raptor Group, owners of Italian soccer club AS Roma and NBA’s Boston Celtics; Joi Ito, director of the MIT Media Lab; Hannes Wallin, CEO and founder of computer hardware manufacturer Fractal Design, and Hersh Interactive Group.
“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 Fnatic founder Sam Mathews. “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.”
He further added that the newly raised capital will be used to improve the team’s infrastructure and further develop its product lines, which includes Fnatic-branded esports equipment and apparel.
The European esports organization currently has representation in a number of high-profile games; boasting impressive rosters for League of Legends, Counter-Strike: Global Offensive, Dota 2, and Heroes of the Storm.
Particularly in League of Legends, Fnatic has seen tremendous success. It is the only western team that is a former World Champion and one of the few around that have always showcased consistency in competitive environments. It is currently in the semifinals of the European League Championship Series (EU LCS).
Fnatic is not the first esports brand to attract the attention of traditional sports. Last year, Dignitas was acquired by the Philadelphia 76ers and Team Liquid by a group of investors from the Golden State Warriors and Washington Wizards. Miami Heat invested in Misfits, and most recently, Cloud9 raised capital as well.