Meg Whitman and its Family Office led the Immortals Gaming Club US$26 M Series B-1 funding round to strengthen its own eSports brand and professional teams. Further investors include AEG and March Capital Partners.
According to the company’s CEO, Ari Segal, the funding will be used to acquire and grow esports brands and titles under the Immortals umbrella as well as invest in the geographical expansion of IGC’s Gamers Club, a multiplayer competitive matchmaking service and social club for gamers.
Whitman, who is an existing investor and member of the board of the Immortals Gaming Club, said in a statement that the round shows the business opportunities available in the emerging and dynamic eSports market.
Immortals: The successful and diversified eSports company
The North-American company Immortals Gaming Group, founded in 2013, owns and operates several eSports brands, including eSports organization Immortals, Overwatch League franchise Los Angeles Valiant, Brazilian Counter-Strike: Global Offensive team MiBR, and matchmaking platform Gamers Club. It has grown its core subscriber base by 400% since it raised $30 million to boost the business in May 2019, and is now active in six countries.
The company used to own the Los Angeles Call of Duty League franchise. However, due to the big investments forwarding the team did require, Immortals sold it to 100 Thieves for an undisclosed amount. This strategic move happens as the organization is experiencing significant growth for its Gamers Club platform in Latin America and they consider it more valuable to scale down on franchise obligations to be able to better balance out their professional eSports and community-centric efforts.
Meg Whitman’s Family Office as an active startup investor
Meg Whitman, who is already an investor and board member in Immortals Gaming Club, is widely known in the tech and business ecosystem due to their former roles as CEO of both eBay and Hewlett Packard. spinning off the latter and becoming for a short time the CEO of Hewlett Packard Enterprise. She is also the CEO of the recently failed streaming video platform Quibi. Whitman is considered one of the most powerful, influential, and relevant businesswomen.
Source: ESports Insider, 07.11.2020
Picture Source: Unsplash
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