Esports One raises $4m in funding, looks to expand fantasy offering

Data and analytics firm Esports One has announced that it has raised $4m (~£2.97m) in new funding, with the investment expected to be used to improve its fantasy esports product and expand into new games.

The round included participation from XSeed Capital, Eniac Ventures, and Chestnut Street Ventures. Esports One currently runs a League of Legends fantasy esports platform.

Image credit: Esports One

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Matt Gunnin, founder and CEO of Esports One, commented in a news post: “While League of Legends was a natural entry point to fantasy esports – it is the most popular esports game after all – we always had visions of something bigger. Adding more game titles and developing partnerships with companies like ESL Gaming will help us create an experience that is deeper and richer than what users have seen to date.”

According to the post, Esports One is developing fantasy esports experiences based on games such as Rocket League, Fortnite, Rainbow Six Siege, and VALORANT. The firm is also working on iOS and Android mobile apps for its fantasy platform, as well as new features including a virtual currency for entering contests and purchasing customisations.

Esports One, which was founded in 2017, previously raised a $3m seed round in early 2018 that was co-led by XSeed and Eniac. The League of Legends fantasy platform was just launched at the start of 2020, and the company has reported a 300 percent growth in platform users since the spring split of competitive play, including 25 percent month-over-month growth.

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“I still remember that day back in January when we ‘opened the doors’ and hoped people would come in and give us a try. It was an exciting time, but I’d be lying if I said I wasn’t a little bit nervous,” Gunnin wrote. “Now, after successful spring and summer splits, and a Worlds which saw some of our biggest daily gains in users, I’m looking forward to 2021 with real excitement. We’re going to be bringing the same level of care and detail to creating fantasy games for many of the biggest titles in esports, and we’ll be welcoming so many new players thanks to some really exciting partnerships.”

Esports Insider says: Fantasy sports is big business, and Esports One is attempting to prove the same within esports. League of Legends was a very prominent starting point, however, will VALORANT and Rainbow Six fans, for example, flock to fantasy in much the same way?

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