Team SoloMid (TSM) has been functioning as an independent business entity for nearly a decade to position itself as a profound brand in the world of esports. It is not wrong to assume that the organization must have received numerous investment pitches during this time, all of which were dismissed on the assumed account of owner Andy “Reginald” Dinh wanting to run things solo. However, that stance might have weakened going into the new year.
According to a new report by ESPN earlier today, trusted sources close to the matter have confirmed that TSM has agreed to accept $25 million in investment from Bessemer Venture Partners as part of a recent open funding round for a minority share.
The Silicon Valley-based venture capital firm is said to be the lead investor so far, contributing over half of what TSM wants to raise. The specific valuation of the esports organization has not been revealed but considering other esports brands like Cloud9 and Immortals, the figure should be in the excess of at least $100 million.
There is the likely possibility that TSM might even be worth more, considering that it owns some of the most popular esports teams in the market and also a number of popular esports-related gaming websites with traffic in the millions.
This is the first time that Bessemer Venture Partners has shown great interest in esports. It has major investments in Yelp, Pinterest, and Twitch. The new pathway only proves that venture capitalists are becoming more attuned with the potential in competitive gaming.
TSM is most known for its immensely successful franchise in League of Legends. It also has representation in Hearthstone, Overwatch, Super Smash Bros., and PlayerUnknown’s Battlegrounds.