London-based esports brand Fnatic raises $10 million to fuel global growth

Fnatic tech.eu
annelise@tech.eu

Fnatic, a London-based global esports brand, has raised $10 million to continue global expansion and support its esports teams in competition. The round was led by Beringea, with participation from existing investors Unbound, LVL1 Group, JHD as well as key management. 

Building on the momentum of this investment round, Fnatic announced that it has also launched a crowd equity campaign with Crowdcube. The startup says it doesn’t want to just innovate and enhance the esports world, but make it accessible to everyone, and crowdfunding is part of that.

“We’ve been looking to conduct a crowdfund campaign for a while,” said Sam Mathews, founder and CEO. “This investment provides the perfect opportunity for our community, friends and enthusiasts to join our established investors and own a piece of Fnatic.”

The company plans to raise £1 million ($1.3 million) through the campaign, which will be open to the public on November 19th.

Founded in 2004, the company has now raised nearly $35 million across its various funding rounds. Fnatic began with its own professional esports teams and has branched into branded gear, from gaming keyboards to team jerseys. Over the past three years, Fnatic has been ranked consistently as one of the most viewed teams among western esports fans and is the second most watched team of 2020, according to a press release.

The teams have brought in total cash winnings nearing $16 million across 903 tournaments, and inspired brand partnerships with the likes of BMW, Gucci and Lavazza.

“Esports is an industry experiencing explosive growth, and yet in many ways is still in adolescence,” said Karen McCormick, Chief Investment Officer of Beringea. “Having evaluated the industry from many angles, Fnatic was a relatively simple investment decision given the premier status of the brand, consistency as a true performance company, and growth and engagement of the fan base.”

Image: Fnatic Streak 65 esports keyboard

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