LA e-sports company FaZe Clan has built its business on its brand image. It’s recruited top e-sports competitors to play some of the most popular competitive video games, gained millions of subscribers across its social platforms and even collaborated with clothing brands to make its own line of apparel. Now the company is getting a boost from some high-profile investors.
On Friday, FaZe Clan announced its $40 million Series A funding round. The round was led by music industry exec and entrepreneur Jimmy Iovine and video commerce platform NTWRK. This funding comes a week after FaZe Clan announced its partnership with NTWRK, which gave NTWRK the rights to sell FaZe Clan’s merch.
Various music superstars, athletes, actors and other celebrities joined FaZe Clan’s Series A as investors, including Offset, Pitbull, Ray J, Chris O’Donnell, DJ Paul and more.
“These influential investors recognize the cultural significance of FaZe Clan as well as the enormous business opportunities around our content, esports teams and apparel,” FaZe Clan CEO Lee Trink said in a statement. “We have a hyper-engaged global audience and FaZe Clan is the most powerful lifestyle brand in all of gaming. This round of funding provides the capital to continue to reshape the future of sports and entertainment.”
This new funding will support the company’s expansion, player acquisition, as well as other operations.
Additionally, FaZe Clan has launched its Fight2Fund initiative, which raises money through online e-sports tournaments. This initiative was able to raise $125,000 in four weeks, which will go toward those affected by COVID-19. FaZe Clan has also partnered with Verizon for its #PayItForwardLIVE campaign, which is raising additional funds for COVID-19 relief.
