Billionaire co-owner of the Brooklyn Nets Joseph Tsai has bought a $10 million stake in G2 Esports. He is also the co-founder of Alibaba Group Holding Ltd. and owner of the Barclays Center. Tsai is hoping this investment expands G2 into Asia, where esports have gained extreme popularity within the past decade.
Raising money for success
Spain native Carlos Rodríguez, founder of G2 Esports, is working alongside Tsai to open their headquarters in New York City at the start of 2020. This news comes after G2 Esports raised $17.3 million for efforts in their global expansion and content operations. Such firms to invest in this popular esports team are NYC-based Everblue Management, Seal Rock Partners, and Parkwood Corporation. Additionally joining them, among other big investors, is Yext co-founder Brian Distelburger.
Posted on their official website, G2 excitedly shares the news of their recent investments: “After an incredibly successful 2018 where we positioned ourselves as one of the leading entertainment assets in esports, G2 is doubling down on international growth and continuing our investment in world-class content creation. We have partnered with the right investors, who have a deep understanding of a variety of entertainment industries, and significant experience in scaling successful companies and brands.”
Future plans for expansion
Previously in an interview during the 2018 Esports Rising conference, Rodriguez shared G2’s plans for the upcoming years: “Talking about sponsorship revenue, talking about media rights… increasing your merchandise range and the logistics around it. Having access to loyalty payments… all these things are exactly our point of focus at this very moment.”
G2 currently holds a handful of victories from the past few years. They came in 1st place in the 2018 League of Legends European Championships and 2nd at this year’s worlds championship. Furthermore, G2 has teams in a variety of games including League of Legends, CS:GO, Rainbow Six Siege, Rocket League, and Fortnite. A few of their listed sponsors are Logitech, Twitch, and Mastercard.
Recognized by Forbes as number 9 in the world’s most valuable esports companies, G2’s making an impact in this rapidly growing industry. They are valued at $165 million with a revenue of $22 million. It makes plenty of sense why investors are keeping an eye on their future plans.
Above all, this new investment introduces Tawainese-born Tsai as G2’s golden ticket to broaden its brand into China. The Alibaba executive currently has an $11.9 billion net worth and has hopes to continue growing G2’s booming success.
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Published: Dec 10, 2019 03:09 pm