North American organisation FaZe Clan has released details on its Series A funding round, in which it raised $40 million (£32 million).
The round was led by Jimmy Iovine and NTWRK, which was unveiled earlier this month.
Those who contributed to towards the funding round include singers and rappers Pitbull, Swae Lee, Yo Gotti, DJ Paul, Ray J, Disco Fries, and Offset. Sports figures such as Nyjah Huston, Meyers Leonard, Gregory Van Der Wiel, Josh Hart, and Jamal Murray also contributed.
Sylvia Rhone, CEO of Epic Records, Troy Carter, actor Chris O’Donnel, radio host Big Boy, and Guy Oseary have also invested in FaZe Clan through this raise.
Lee Trink, CEO of FaZe Clan, spoke on the raise in a release: “These influential investors recognize the cultural significance of FaZe Clan as well as the enormous business opportunities around our content, esports teams and apparel. 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.”
In January, the organisation entered into a $22.7 million (£17.4 million) convertible loan facility with Canaccord Genuity serving as the exclusive financial advisor.
Esports Insider: This may be the most stacked raise in esports to date in terms of sheer star power. Covering much of sports, music, and entertainment, FaZe Clan could really thrust itself into the mainstream if it collaborates with its new investors.