Amidst Covid-19 challenge BLAST raises €12.5 mn funding

Global esports media network BLAST has announced the closing of an investment round worth €12.5 mn.

The round was led by Johan Gedda, global technology entrepreneur and co-founder of Rocket Software, and Vækstfonden, a financing and investment vehicle with funds from the Danish State and the European Investment Bank. The round was completed with further investment from existing investors,  which included leading European VC funds Creandum, Heartcore and Maki.

“The opportunity to combine and create a deeper technology stack that will evolve the future of esports is one of the reasons I am pleased to partner with BLAST. I am impressed by their plans and look forward to leveraging my experience in the technology space to help grow this exciting and fast-moving business,” said Gedda.

BLAST, based in Copenhagen and London,  creates world-class esports entertainment through intimate broadcast studio shows, arena events, and online content. BLAST products are broadcast across major global TV networks, leading digital platforms and through BLASTs own broadcast platform.

In 2019, BLAST had delivered 7 events across 5 continents with 1 billion minutes of broadcast in 19 different languages. In 2020, BLAST has expanded into DOTA 2 alongside its world-leading Counter-Strike: GO tournament series.

During Covid-19, BLAST has increased its output and introduced multiple new lines of tournaments, content series and commercial partnerships. BLAST has a full calendar from 30th April through to 21st June, bringing over 308 hours of world-class esports to fans around the world.

Erik Balck Sørensen of Vækstfonden’s department of direct investments: “we have watched the leadership position taken by BLAST across the esports industry in Europe and beyond, and we are proud to support a European growth company as it moves to its next stage.’

The global esports market is on target to grow to over 1 billion USD by the end of 2020. The BLAST business model is centred on targeting the broadest esports and entertainment audience. The model is built around long term partnerships with the best teams, broadcasters, commercial partners and technology leaders.

Drake Star Partners acted as a partner with BLAST on the deal. Johan Gedda was advised on this transaction by Wembley Strategic Advisory, a NY based investment advisory firm.

Admin Sportz Front

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