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Gfinity raises 7m in new funding round

The esports tournament organiser looks towards becoming “global leader” in the sector

Gfinity has raised 7m ($9.4m) in a funding round following the release of nearly 26 million shares.

The funding adds to the substantial investment in the British esports tournament organiser throughout 2017, which now totals $20m for the year. The growth has also seen Gfinity break into the US market with the acquisition of esports service company CEVO back in July.

Gfinity released a total of 25,925,926 shares at 27p each to raise capital its future projects including development of its Elite Series Competition with the BBC, international expansion, and increased investment on the firm's esports technology platform.

Speaking to Shares Magazine, chief executive Neville Upton said the investment would enable Gfinity to "sustain our momentum to becoming a global leader in esports."

He said: "Gfinity has made significant progress in the last six months, with highlights including: the successful launch of Elite Series in UK, announcement of a partnership with HT&E Ltd to launch Gfinity Esports Australia, our acquisition of CEVO, Inc in United States and a number of events delivered all round the globe for several prestigious clients including major game publishers and Formula One."

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