Challengermode, founded in 2014, announced that it has secured external financing of approximately €10.1 million, which will be used to expand the Swedish esports competitions platform in order to make it more accessible to gamers.
The platform, which allows users to gather, practice, or compete in esports, offers game integrations that automate tournament infrastructures. Challengermode makes it easy for gamers to participate in competitions, tournaments, and leagues on any device or console.
It also provides a space where “dedicated gamers can compete in League of Legends, PUBG and Counter-Strike, improve their skills and join a community of esports enthusiasts.” The organization hopes to make esports accessible to “non-professional gamers as regular sports are for regular people.”
The startup has organized numerous esports competitions this year, but their latest venture may be the best yet. Challengermode has partnered with DreamHack, the world's largest digital festival. The Swedish company also works with FIFA and Fnatic, widely considered the most successful esports brand of the last decade.
Additional investors include Telia Ventures, GP Bullhound, Back in Black Capital, and Swedish soccer great Zlatan Ibrahimovic, who currently plays as a striker for Serie A club A.C. Milan. The funding is a vote of confidence for esports, which is reporting higher Average Minute Audience (AMA) numbers than many traditional sports including tennis, basketball, and rugby.
Challengermode reports that more than 2.5 billion people worldwide play video games, and more than 220 million people watch professional esports tournaments each month. The funding will allow the organization to further support numerous brands, content creators, game developers, and professional tournament organizers.
The ultimate goal is to expand reach, engagement, and monetization by targeting audiences through esports. Challengermode also hopes to expand into North America and leverage new financial growth opportunities. Robel Efrem, co-founder and CEO of Challengermode, said that this new round of financing will allow the organization “to double down on our core mission of delivering the best competitive gaming experience to each and everyone’s home, in any game.”
CY Chen of Joyme Capital added that since Challengermode was founded in 2014, “it has continued to achieve significant milestones in terms of growth, product development and customer acquisition.”
Source: EU Startups