Steven R. July 24, 2018
Two of the largest esports organizations in the world received a huge influx of capital on Tuesday as TSM and Immortals both made announcements regarding large financial investments.
As first reported by Forbes, TSM parent company Swift secured $37 million in Series A funding for both the TSM organization and for Swift’s other projects including its content creation and analytics. This whopping sum comes from a group of investors led by Ethan Kurzweil of Bessemer Venture Partners, an American venture capital firm, which includes Yahoo cofounder Jerry Yang and NBA player Stephen Curry.
Immortals, meanwhile, spoke with the Wall Street Journal about its new business relationship with Meg Whitman. The former CEO of Ebay and Hewlett-Packard revealed that she had invested an undisclosed sum into the organization and is now a member of the company’s board of directors. Though no specific numbers were offered, sources within the WSJ stated that Immortals is now valued at over $100 million, per esportsobserver.com.
Though these organizations are in very different positions in the rapidly evolving esports space, this marks a big moment for both.
TSM, known primarily for its successful League of Legends team, is one of the most beloved brands in esports. Owner Andy “Reginald” Dinh stands as a pillar of the industry. But after years of being ahead of the curve, the organization founded in 2009 had begun to slip behind in an era of 8-figure franchising rights and constant financial shakeups. This latest move, which keeps Dinh in place atop the organization, helps put TSM back on a footing similar to its chief competitors.
As for Immortals, the addition of Whitman to the board gives one of the biggest esports brands a savvy new adviser to help direct the company moving forward. A prominent tech executive, Whitman helmed Ebay during its boom in the late 1990s and then went on to additional success at Hewlett-Packard.