Los Angeles-based gaming lifestyle and esports organisation FaZe Clan has revealed details about its recent USD $40m Series A funding round.

Led by Jimmy Iovine and ecommerce platform NTWRK, the round also included well-known music artists Disco Fries, DJ Paul, Offset, Pitbull, Ray J, Swae Lee, and Yo Gotti, along with sports stars Gregory Van Der Wiel, Jamal Murray, Josh Hart, Meyers Leonard, and Nyjah Huston.

Other investors in the round included actor Chris O’Donnel, radio host Big Boy, CEO of Epic Records Troy Carter, Sylvia Rhone, and Guy Oseary.

According to FaZe Clan, the new capital will be used for brand expansion, day-to-day operations, and player acquisitions.

Commenting on the round CEO of FaZe Clan, Lee Trink, said:

“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.”

At the start of the year, FaZe Clan also revealed it had entered into a $22.7m convertible loan facility, with Canadian investment bank Canaccord Genuity acting as exclusive financial advisor.

AYO.NEWS says:

FaZe Clan are certainly attracting its share of celebrity backers, which can only raise its profile across many demographics – further strengthening its lifestyle brand appeal. The injection of capital coming at a time when many organisations are struggling to raise funds, is also a big vote of confidence in the organisation.

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.

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