AAA Cloud9 beams up $50m

Cloud9 beams up $50m

Cloud9, a US-based eSports team manager backed by corporates United Talent Agency (UTA), FunPlus, World Wrestling Entertainment (WWE) and Beverly Hills Sports Council, has secured $50m in series B funding, Forbes has reported.

The round was led by growth equity firm Valor Equity Partners and included alternative asset manager TrueBridge Capital Partners, venture capital firm Reimagined Ventures and private investor Robert Hohman.

Cloud9 runs competitive teams spanning several games including League of Legends, Rocket League, Fortnite, Super Smash Bros Melee and Counter-Strike: Global Offensive.

The capital will support hiring as Cloud9 looks to expand its merchandising activities and build a specialist training facility for its players which is expected to be complete by the end of 2019.

Antonio Gracias, founder and managing partner of Valor Equity, is joining Cloud9’s board of directors in conjunction with the round, which increased the total raised by the company to approximately $78m.

The company raised $2.8m in late 2016 according to a securities filing, before adding $25m in an October 2017 series A round.

The series A featured game developer FunPlus, sports entertainment promoter WWE and talent agencies Beverly Hills Sports Council and UTA, the latter through its UTA Ventures unit, as well as venture capital firm Founders Fund.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.

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