XSET, the esports organisation founded earlier this year by former FaZe Clan executives, has added its first music industry investor in rapper Swae Lee.
Lee, a member of duo Rae Sremmurd with his brother Slim Jxmmi, was previously announced to be part of FaZe Clan’s $40 million Series A funding round in April.
“I always wanted to be on what’s next. There’s a network of people like myself who want to bring simple access for fans,” Lee told Rolling Stone. “XSET, FaZe, they have fans who like to do the same things I like to do: sit at home on a game and be lazy. I want to help make a huge network for all the kids to enjoy gaming, talk about life, talk smack to each other, get merch, and have first-person access to rappers.”
The amount of Lee has invested in the esports organisation has not been disclosed. Lee first told Rolling Stone that it was an eight-figure ($10 million or higher) investment, but then rephased that it was ‘big figures’. XSET confirmed to the publication that it was not an eight-figure investment, but did not pin down the exact sum.
XSET has not yet announced activation plans with Lee, but he shared his own potential content ideas in the article, including sharing music via streams with XSET players, as well as allowing fans to choose his ‘hairstyles or outfits for concerts’.
Announced in July, XSET is designed to provide a more diverse and inclusive esports organisation. Former FaZe Clan president Greg Selkoe told The New York Times that it runs to counter what he sees as the ‘frat house’ culture seen in many esports orgs today.
Alongside the Swae Lee announcement, the XSET co-founder told Rolling Stone that the organisation is pursuing partnerships with other artists and athletes, with those deals expected to be announced in the coming months.
Esports Insider says: We already saw executives leave FaZe Clan for XSET, and now we’re seeing existing investors embrace the new organisation as well. We’ve seen more and more celebrity investors come onboard esports teams over the last couple of years, and it’s a trend that’s unlikely to die down anytime soon.