Stockholm located esports platform, Challengermode announced on 26th August, 2020, that it has raised around €10.1 million in an external financing round led by the international investment unit of Alibaba Group, eWTP Innovation Fund. The company claims to utilize the investment for expansion, growth and accelerate monetization.
Other participants in the investment round include Back in Black Capital, Telia Ventures, Zlatan Ibrahimovic who is a Swedish soccer legend and GD Bullhound. The start-up gets the investment at the time when esports are collectively reporting higher Average Minute Audience (AMA) numbers as compared to many traditional sports such as rugby, tennis and basketball.
Established in the year 2014, the platform’s goal is to make reports accessible for gamers. Challengermode offers an online infrastructure for all relevant stakeholders within the ecosystem to compete, congregate and practice in esports. The platform also automates complex tournament infrastructure by integrating the game and allowing gamers to make game competitions, leagues and tournaments from any device or console, while enabling community building and monetization at scale for organizers of all types.
The company is coming forward as one of the fastest growing grassroots esports start-up. Challengermode is continuously growing in its field with hosting millions of competitions this year in Europe alone. Additionally the start-up has also partnered with global football organization FIFA and with Fnatic, a renowned esports team. They have also collaborated with DreamHack which is the world’s largest digital festival.
CY Chen of Joyme Capital (eWTP Capital, Gaming Fund) added: “We are delighted to bring Challengermode into eWTP’s portfolio. Its position as a leader in the rapidly growing esports market makes it a great fit for us. Since the company launched in 2014, it has continued to achieve significant milestones in terms of growth, product development and customer acquisition. We are looking forward to continuing to support the management team in successfully building, developing and growing the business to its full potential.”
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