Esports Mogul, the Australian online esports tournament platform developer, has secured commitments for $3.97M AUD ($2.71M) in a placement led by CPS Capital.
The Australian Securities Exchange (ASX) listed Mogul’s placement priced at $0.01 AUD per share. The company owns and operators online esports tournament and matchmaking platform mogul.gg.
In addition to automation, including chat and streaming, for major esports titles, Mogul.gg provides “Branded Hubs” to game publishers.
Discussing the news Managing Director of Mogul, Gernot Abl, said:
“We’re pleased to have received such significant support for this placement, raising a total of AU$3.97 million. Investor appetite well exceeded the Company’s placement capacity. Our achievements as a company over the past few months including signing some of the largest names in esports, enhancing our product offering, and securing Cameron Adams as a director of the Company have been well recognised by the market.
“We now look forward to next year as we seek to capitalise on our world-class technology platform, further developing our monetisation strategies, and continuing to secure partnerships with industry leading esports brands and organisations.”
While Managing Director of the Lead Manager, CPS Capital, Jason Peterson, added:
“We’re pleased to have supported Mogul in raising AU$3.97 million in this placement. We’ve seen the significant progress the Mogul team have made since commercial launch of the Mogul Branded Hubs model in August 2019, and are excited to be part of their future.”
Mogul says it will use the new capital to expand its “Branded Hubs” technology, fast-track revenue monetisation of the platform through 2020, forge new international partnerships and develop its core tournament platform.
The company says it expects to complete allotment of shares to issued under the placement by 18th December – the placement consisting of 397M fully paid ordinary shares to investors.
The news comes just three weeks after Mogul appointed Cameron Adams, co-founder of Canva, to its board of directors (read more).
In May 2019, Mogul raised $3.1M AUD in another heavily oversubscribed share placement.
AYO.NEWS says:
Mogul seems to have no trouble in selling shares, that’s for sure, and its certainly got plenty of ambition looking ahead. While its still early days, it will be interesting to see what impact Cameron Adams’ appointment has on the direction of the company over the coming year.
It worth noting that Mogul’s competition in the esports tournament platform space is also attracting investment. For example, in September, XY Gaming secured a $2.5M investment to develop its branded tournament offering and grow its advertising vertical.
AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.