North American esports organisation 100 Thieves has announced the end of Series B funding round where they were able to raise $35 million which is $10 million more than the $25 million raised in October.
This time the second round was led by Artist Capital Management, a growth investment firm whose chief investment officer Josh Dienstag will be joining 100 Thieves Board of Directors. The organisation also has rapper Drake and Scooter Braun as members of Board of Directors.
Josh Dienstag in the announcement said:
“As long-term investors, we believe that 100 Thieves has a differentiated approach to esports and gaming. 100 Thieves has a visionary founder, a best-in-class management team, and premier strategic shareholders. We are very excited to support 100 Thieves with the growth capital they need to see their vision through.”
The end of Series B funding will bring the total post-funding valuation of the organisation to $125 million, which is up from $90 million valuations they had after Series A funding rounds in October.
CEO and founder of 100 Thieves Matthew “Nadeshot” Hagg said:
“The most important lesson I’ve learned going from gaming to leadership is ‘over-communicate, over-communicate, over-communicate. Making sure we’re all aligned on our goals for each day and each week and each month, to have an open and transparent environment, really builds a culture where everybody enjoys working with one another. Over-communication helps drive success.”
100 Thieves has announced that they will be using these funds to construct a15,000-square-foot headquarter and training facility in Los Angeles. The facility will be equipped with streaming stations and content production ready studios. The facility will also include an apparel design workshop where all their upcoming apparel will be designed and also feature a storefront for 100 Thieves branded apparel. According to Hagg the apparel business yielded more than $500K in revenue last time.
Currently, 100 Thieves compete in 3 esports titles namely Call of Duty, Fortnite and League of Legends. The organisation also releases original content with their in-house talents such as twitch streamers Jack “Courage” Dunlop and Rachell “Valkyrae” Hofstetter. The organisation is also sponsored by Red Bull, Rocket Mortgage, StockX, Cash App and Totino’s.