Esports organiser G-Loot has secured investment totalling $25 million as it looks to increase the amount of tournaments that it runs and offer competitors more reward for their efforts.
The investment round attracted numerous investors, including the likes of Swedbank Robur and asset management company Norron, both of which has previously invested in the Swedish company. G-Loot also attracted investment from the likes of Inbox Capital, Patrik Nybladh and Transferator Ventures, according to a statement released by the company.
Since launching in 2012, G-Loot has attracted an increasing number of participants and viewers through partnerships with the likes of PLAYERUNKNOWN’S BATTLEGROUNDS, Twitch and Huawei.
Patrik Nybladh, CEO and founder of G-Loot, said:
“It feels great that G-Loot now has secured 25 million US dollars to finance our ongoing expansion and to support our ambition to become the world’s leading online esports company,
“I am particularly glad that our current major owners increased their holdings when given the chance.”
This is the second time that G-Loot has broken the record for the largest esports investment total in the Nordic region. The company set the bar at $12.1 million with a previous funding round in January 2018.
G-Loot: The latest player to benefit from increasing investment in esports
While the esports market is currently only worth around $1.1bn according to Statista, growing interest is fuelling investment. The esports market already boasts a global audience of more than 450 million people and continues to grow, which is convincing investors that esports will provide a return on investment further down the line.
Speaking on the funding round, Henrik Carlman, Fund Manager at Swedbank Robur said:
“Esports is one of the fastest growing forms of entertainment today. There are plenty of opportunities and many companies are trying to get a piece of the growth but only a few of them have a clear idea on how to monetize the emerging industry.
“G-Loot are among the very few with a proven business model and a grand vision of democratizing esports and making competitive gaming available to all.”