Esports entertainment company FaZe Clan gets $40M in funding to expand
Esports company FaZe Clan has closed on $40 million in financing that it says it will use to expand its brand, add more gamers to its roster, and for daily operations.
Investors in the Series A round of funding included some famous names in sports and entertainment, such as rapper Pitbull, professional skateboarder Nyjah Huston, rapper Swae Lee, rapper Yo Gotti, Epic Records CEO Sylvia Rhone, music industry veteran Troy Carter, Miami Heat’s Meyers Leonard and New Orleans Pelicans player Josh Hart and actor Chris O’Donnell.
Leading the round were music industry veteran Jimmy Iovine, who co-founded Beats Electronics and Interscope Records, and NTWRK, the mobile e-commerce company founded by Iovine’s son Jamie Iovine and Aaron Levant.
”These influential investors recognize the cultural significance of FaZe Clan as well as the enormous business opportunities around our content, esports teams and apparel,” FaZe Clan Chief Executive Lee Trink said in a statement. ”We have a hyper-engaged global audience and FaZe Clan is the most powerful lifestyle brand in all of gaming. This round of funding provides the capital to continue to reshape the future of sports and entertainment.”
FaZe Clan, founded in 2010, says it has a global fanbase of 215 million across all social platforms. It has a roster of 85 video gamers, content creators and people beyond the gaming world, including NBA star Ben Simmons, NFL star Juju Smith-Schuster and artists Offset and Lil Yachty.
The company’s esports division includes seven competitive teams in Fortnite, FIFA, PUBG, PUBG Mobile, Rainbow Six, Call of Duty League (Atlanta FaZe) and CS:GO. It also has an apparel line and limited-edition collaborations with partners such as Champion.