Fnatic secures $19 million in funding round, appoints news CEO

European esports organization Fnatic has raised $19 million in a recent Series A funding, the team announced through its official website.

Entrepreneur Lev Leviev of LVL1 Group, Beringea, Blackpine, Unbound, and Joi Ito are some of the new investors in the Fnatic brand. This is the first funding round held by Fnatic since April 2017 when the team secured a round of $7 million.

“Esports is the future of entertainment, as well as one of the most dynamic and exciting emerging industries out there,” Leviev said. “Fnatic has established itself as a driving force both on the competitive stage and as a global business in esports.”

According to this latest announcement, the team will use the new funds to further expand into North America and Asia, strengthen its presence in top tier competitive leagues like League of Legend’s LEC, and launch new products through the Fnatic Gear branding.

Fnatic founder and CEO Sam Mathews spoke to the strength of the company’s new investors and how they would be able to see Fnatic through to accomplishing the organization’s new goals.

“This is a pivotal moment in the evolution of Fnatic,” Mathews said. “I am incredibly proud of what we’ve achieved over the past 15 years and now is the time to build on this strong foundation to realize our vision of being the leading global esports brand.”

Fnatic also shared news of some recent leadership moves, as founder Sam Mathews returns to the CEO position to replace Wouter Sleijffers, who took over as CEO in 2015. Mercedes AMG F1 CEO Nick Fry was appointed as board chairman, while former Affectv CEO Glen Calvert was named COO.

The news comes as Fnatic’s League of Legends team looks to rebuild after failing to make the LEC spring final, having lost to Origen en route to a third-place finish.