Around 26 million shares were released at 27p a share to raise money for new projects
British-based esports tournament organiser Gfinity has received a large boost in funding following a recent investment round. The company, which already had over $10m of funding in 2017, raised another $9.4 million (£7 million) by releasing shares.
"Following on from these achievements, I am delighted to be able to announce this conditional placing, the funding from which will enable us to sustain our momentum to becoming a global leader in esports," said Gfinity CEO Neville Upton in a statement to Shares Magazine.
In total 25,925,926 shares were released at a price of 27p per share. The funds are going to raise capital to help develop new projects including continuation of its work with the british broadcaster, the BBC, as well as international expansion. Gfinity also acquired CEVO, a US -based esports service provider, in July this year for $2.7 million. Gfinity has also reached deals to hold esports tournaments for many large clients including Formula One.
The Elite Series Competition is currently the main focus of Gfinity's broadcast and a second season has already been announced. You can read an interview with Gfinity's head of partner relations, Martin Wyatt, over at our sister site, esports-pro.com.