TSM raises $37 million in Series A funding

Esports organization Team SoloMid's (TSM) parent company, Swift, has raised $37 million in Series A funding. The money will be used for various gaming-related investments, with $20 million going toward a new LA esports facility.

Forbes reports that Ethan Kurzweil of Bessemer Venture Partners lead the investments. Others included NBA players Stephen Curry and Andre Iguodala, NFL player Steve Young, Yahoo cofounder Jerry Yang, Austrian telecommunications company Telstra, Twitch chief strategy officer Colin Carrier, and Simon property owner Steve Simon.

The investment will cover multiple aspects of Swift's business, not just TSM. Money will go toward growth endeavors, acquisitions and gaming investments, and the franchising fees and constructions of an esports facility in Los Angeles, California for the company's various teams.

"TSM has always run a very lean operation, so we haven't set ourselves up to take advantage of the fast growth that this market is experiencing, so that's what we're trying to prepare ourselves to do," said TSM CEO Andy Dinh. "We've got a really good group of investors...it's going to help us accomplish what we want for TSM."