AAA Fnatic cheers $19m series A investment

Fnatic cheers $19m series A investment

Fnatic, a UK-based eSports team owner backed by financial services firm Raptor Group, has received $19m in series A funding.

The round was led by Lev Leviev, the founder of investment firm LVL1 Group, and included venture capital firm Beringea, investment firms BlackPine and Unbound, and angel investor Joi Ito.

Founded in 2004, Fnatic runs several professional teams competing in online championships for games including League of Legends, Counter-Strike, Dota 2 and Fortnite. It also sells branded apparel such as T-shirts.

Proceeds from the round will be used to launch new audio equipment and accelerate the the company’s expansion in Asia and North America in addition to financing strategic partnerships with global brands.

Fnatic had previously received $7m in an April 2017 funding round backed by Raptor Group, Ito, fellow private investor Hannes Wallin and Hersh Family Investments, the family office formerly known as Hersh Interactive Group.

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