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Yesterday, Bloomberg reported that according to people familiar with the plans, esports organization Andbox is looking to raise up to $40M USD. The company hired boutique investment bank Raine Group to help with the ongoing efforts to raise funds.
Andbox owns two teams competing in Blizzard Entertainment’s franchised esports leagues: the New York Excelsior (NYXL), which competes in the Overwatch League; and the New York Subliners, which takes part in the recently launched Call of Duty League.
Sterling.VC, an early-stage investment fund owned by the family office of the Wilpon and Katz families, Sterling Equities, backs Andbox. Sterling Equities, whose assets include the MLB’s New York Mets and the network Sportsnet New York, recently made the news offering the Mets for sale. Early in February, hedge fund billionaire Steve Cohen offered more than $2.5B in a deal that fell through because of a disagreement with the Wilpon family.
Additional investors in Andbox include the Pohlad family, owners of the MLB’s Minnesota Twins; and investment bank Allen & Co., which has also been hired to support the Mets sale.
The Esports Observer has reached out to Andbox who confirmed the report is accurate.
