Swedish esports company G-Loot has received an $25 million (£18,695,883.50) from both new investors and current investors such as Swedbank Robur and asset management company Norron.
G-Loot is the parent company of competitive PUBG platform Global Loot League and competitive card game platform TopDeck. This capital will be used to bolster prize pools and help expand in terms of staff, more competitive titles, and more competitions.
Patrik Nybladh, Founder and CEO of G-Loot commented on the investment: ”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. As far as I know it is the largest European esports investment ever. I am particularly glad that our current major owners increased their holdings when given the chance.”
G-Loot received $12.1 million (£9.2 million) in an investment round led by Swedbank Robur in January 2018. At the time, the capital was said to be going towards staff recruitment, increased marketing, and platform development.
Henrik Carlman, Fund Manager at Swedbank Robur commented: “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.
“I am very proud and enthusiastic to support G-Loot and its entrepreneurs with our second investment in the company. G-Loot’s strong growth and improved profitability creates a fantastic opportunity for our funds to participate in this kind of value creation.”
Esports Insider says: This is a huge investment for most industries, never mind just in esports. G-Loot’s offering is interesting so we’ll be keeping an eye on how these additional funds helps things to improve further over the coming months.
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