Sweden-based esports contest platform Challengermode has closed a $12m funding round featuring e-commerce group Alibaba’s eWTP Innovation Fund and Telia Ventures, a subsidiary of telecommunications company Telia.
The round included advisory and investment firm GB Bullhound, venture capital firm Back in Black Capital, professional footballer Zlatan Ibrahimovic and undisclosed additional investors.
Challengermode runs an online esports community where players can enter cash prize tournaments across a number of games and platforms, in addition to setting up an online presence to connect with their peers.
The funding has been earmarked for product and international growth centred on the United States. The company is also looking to monetise its platform through collaborations with sponsors and game developers.
Challengermode raised $4m in a May 2018 round featuring unnamed existing investors that Nordic9 reported included Ibrahimović, who also backed a $1.3m round the previous year according to media reports.
The company had already secured $700,000 from assorted angel investors including Jonas Nordlander, Per Brilioth, Ashley Heppenstall, Karl Sandstedt, Johan Skarborg and Jonas Siljemark in 2015.