Drake’s e-sports franchise, 100 Thieves, just raised another heap of cash from investors — and boosted its value by nearly 40 percent in less than a year.
E-sports team co-owned by Drake wants to raise $25M in new funding round
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The fast-fingered team of video-game prodigies has completed a $25 million fund-raising round that was oversubscribed, valuing the team at $125 million, a source with direct knowledge of the situation said.
The new valuation is up sharply from last October, when 100 Thieves’ inaugural funding round reportedly valued it at $90 million.
Investors in the earlier round included Justin Bieber manager Scooter Braun, Silicon Valley tycoon Marc Benioff and Cleveland Cavaliers owner Dan Gilbert.
“It’s not a surprise,” a source in the e-sports space said of 100 Thieves’ meteoric rise in value. “Investor groups are looking to get involved. They are selecting teams in which they have confidence.”
The team, which already sells apparel and has launched its own streaming shows, wants to register its in a new Activision Call of Duty e-sports league that launches next year, a source said.
Teams that enter that league pay a roughly $25 million initiation fee, two sources said.
If it joins the league, 100 Thieves would be the second official Los Angeles team and could start holding events at LA-area arenas, increasing its popularity.
A Drake spokesman declined to comment.