100 Thieves Investor Raises $100 Million Esports Fund

December 13, 2019

Topline: Artist Capital Management, a private equity firm with stakes in esports teams 100 Thieves and Washington Justice, closed a $100 million fund for investments in esports.

  • The Artist Esports Edge Fund will be used to help institutional investors get into the esports industry as it becomes more formalized, with leagues like Call of Duty beginning to franchise.
  • Artist Capital Management led 100 Thieves’ $35 million Series B raise this past summer and has a stake in Washington Esports Ventures, owners of the Overwatch League franchise, Washington Justice.
  • Forbes estimates 100 Thieves is currently worth $160 million at a 16-times revenue multiple.
  • Artist Capital Management began in 2018 and focuses on early, growing companies.

Key Background: There are parallels between the goal of this fund and the esports and gaming investment vehicle Axiomatic Gaming, which was cofounded by sports entrepreneurs Ted Leonsis and Peter Guber. Axiomatic is the parent company of Team Liquid, one of the world’s most valuable esports organizations. The holding company has expanded beyond simply owning a team, however, with stakes in Fortnite-developer Epic Games, Pokémon GO-developer Niantic and independent tournament organizer Super League Gaming.

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