Fnatic Secures Over $7 Million Financing From Raptor Group
Esports giant Fnatic have secured more than $7 million in this round of financing which the funds will be used to improve Fnatic’s esports infrastructure. They intend to invest on coaches, analysts, sports psychologists, training facilities, academy teams and also to accelerate the growth of its product lines.
Investors in this round of financing include billionaire Jim Pallotta’s Raptor Group, Joi Ito, Director of the MIT Media Lab, Hannes Wallin, CEO and Founder of Fractal Design, and the Hersh Interactive Group.
“There has been strong growth in esports, which has accelerated in recent years, but the major shift has been in the acceptance and inclusion by sports franchises, media companies and high profile individuals who have entered and advanced the industry rapidly. We’re incredibly excited by the opportunities available within esports, and having world class investors and advisors only enhances our ability to address these opportunities and continue to innovate.” says Sam Mathews, Founder of Fnatic.
Analysts predicted that the esports industry is expected to garner over 500 million viewers worldwide with annual revenues exceeding $5 billion by 2020. Esports has seen tremendous growth with viewership surpassing Major League Baseball, the National Hockey League and the National Basketball Association with over 3 billion hours watched by U.S. residents alone.
Furthermore, the largest cash prizes in esports are greater than the largest purses on the PGA Tour.