FaZe Clan pulled off a very successful round of fundraising.
Leading esports organization FaZe Clan has released details this week regarding their Series A funding round. In it, the organization raised over $40 million dollars.
This funding round was led by Jimmy Iovine and NTWRK, which was unveiled earlier this month. Those who contributed towards the funding round included musical artists Pitbull, Swae Lee, Yo Gotti, DJ Paul, Ray J, Disco Fries, and Offset. Sports figures such as Nyjah Huston, Meyers Leonard, Gregory Van Der Wiel, Josh Hart, and Jamal Murray also contributed.
Sylvia Rhone, CEO of Epic Records, Troy Carter, well-known actor Chris O’Donnell, podcast/radio host Big Boy, and Guy Oseary have also invested in FaZe Clan through this raise.
Lee Trink, the current CEO of FaZe Clan, had this to say about the funding in a new press release:
“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.”
In January, the organization entered into a $22.7 million (£17.4 million) convertible loan facility with Canaccord Genuity serving as the exclusive financial advisor.
This April 23rd, we're collaborating with the @NFL to participate in the first Draft-A-Thon fundraiser for the virtual 2020 NFL Draft 👊
We're also releasing an exclusive @NFL x FaZe Clan Merch drop…
— FaZe Clan (@FaZeClan) April 18, 2020
The FaZe Clan also unveiled this week that they would be extending their collaborations with the NFL with new merchandise. The new pieces of esports fashion are slated to drop on the 23rd of next week.