Investors appear to remain bullish on gaming.
Gaming lifestyle brand 100 Thieves on Thursday closed a $60 million Series C funding round, bringing its company valuation to $460 million. Green Bay Ventures led the round and additional participants included new and existing investors Breyer Capital, Tao Capital, Willoughby Capital, Artist Capital Management and Aglae Ventures, the tech investment firm of Groupe Arnault, controlling shareholder of LVMH Moët Hennessy Louis Vuitton.
The brand will use the new funding to accelerate growth in core esports, entertainment and apparel and launch new businesses and strategic acquisitions. In October, the Los Angeles-based organization acquired technology hardware company Higround, marking as its first acquisition. Before that, it launched a backpack collaboration with Gucci.
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According to 100 Thieves, top-line growth has more than doubled this year over 2020. Since its founding in 2017, the organization built a community of 100 million fans, and in 2020 it opened a new 15,000-square-foot esports facility that also serves as a content production studio and retail store.
“This new round of funding is validation from our investors and community that we’ve exceeded expectations and accomplished what we promised in esports, content, and apparel,” said John Robinson, president and chief operating officer of 100 Thieves. “Now we’re excited to use this growth capital to build the next chapter of 100 Thieves because we’re just getting started.”
The new funding comes over one month after FaZe Clan revealed plans to go public through a merger with B. Riley Principal 150 Merger Corp.
Fashion companies and brands seemed to be pivoting to collaborations with games directly as opposed to esports organizations, such as Jordan’s latest inclusion in Fortnite, as well as Balenciaga and Moncler. Also, Nike debuted Nikeland in Roblox after speculation about the activewear giant’s interest in the metaverse.
However, the new funding for 100 Thieves shows there is still interest and room for growth for esports organizations and their strategy combining tournament wins with content streaming and merchandise.
Current 100 Thieves owners and board members include Dan Gilbert, Drake and SB Projects founder Scooter Braun.
