FaZe Clan just went through a Series A funding round, through which they accrued $40 million (£32 million). They’ve since released details regarding who their investors were. This round of funding was led by Jimmy Iovine and NTWRK and was unveiled earlier this month.
Who done it
Some pretty big names came with this round of funding. It includes singers and rappers Pitbull, Swae Lee, Yo Gotti, DJ Paul, Ray J, Disco Fries, and Offset. Additionally, sports figures contributed to the amount, and consisted of names like Nyjah Huston, Meyers Leonard, Gregory Van Der Wiel, Josh Hart, and Jamal Murray. But wait, there’s still more!
Sylvia Rhone, CEO of Epic Records; Troy Carter; actor Chris O’Donnel, radio host Big Boy; and Guy Oseary also contributed funds this raise.
More on the subject
Lee Trink, CEO of FaZe Clan, had some comments to make regarding the raise. In the release, he said, “These influential investors recognize the cultural significance of FaZe Clan as well as the enormous business opportunities around our content, esports teams and apparel. We have a hyper-engaged global audience and FaZe Clan is the most powerful lifestyle brand in all of gaming. This round of funding provides the capital to continue to reshape the future of sports and entertainment.”
This round of funding follows news in January when the organization entered into a $22.7 million convertible loan facility. This was entered into with Canaccord Genuity, who serves as the exclusive financial advisor.
This is far from the most money raised by an esports organization as part of a funding round. But when it comes to the caliber of names associated, this is probably one of the most impressive. With this additional money, FaZe could easily thrust itself further into the mainstream as they cover sports, music, and entertainment. Quite impressive!