Investment management firm Artist Capital Management has raised $100 million (£77.9 million) for its Artist Esports Edge Fund.
The fund “seeks to provide institutional investors with concentrated exposure to leading esports companies.”
Josh Dienstag, Chief Investment Officer of Artist Capital Management discussed the venture in a release: “Similar to the evolution of other internet verticals, we expect that a small number of esports companies will eventually win the lion’s share of industry revenue and market capitalization. We hope to partner with the entrepreneurs who are building those winning platforms.”
Artist Capital Management led 100 Thieves’ Series B round, which was announced in July. The North American organisation raised $35 million (£27.3 million) and is using the capital to develop a 15,000 square foot headquarters in Los Angeles, expand its esports offering, and bolster its apparel arm.
The Artist Esports Edge Fund has also invested in Washington Esports Ventures, the ownership group behind Overwatch League franchise Washington Justice.
John Robinson, President & COO of 100 Thieves commented on the company’s esports efforts: “Artist Capital Management has been an excellent partner: they understand our industry, appreciate our differentiation and support our vision. The esports industry is fundamentally changing entertainment and brand affinity and we’re really happy to be working with a firm that recognizes these trends.”
Source:Esportinsider