$4 Million Raised by Fantasy Startup Esports One

Esports One, who is aiming to bring fantasy gaming to the world of Esports, has announced that a further $4 million in funding has been raised. Esports One co-founder and COO Sharon Winter has described their operation as the first Esports “all in one fantasy platform”, where players can create teams and watch matches. Esports One is set to launch in North America and Europe initially, with a focus upon League of Legends.

The startup has now grown by around 25% per month, with Esports One having built data and analytical products, along with computer vision technology, with the latter helping them to track in-game activity, without relying on the API from publishers. Fellow co-founder Matt Gunnin believed that fantasy Esports could well make gaming more accessible, with even those who have no experience of playing themselves having already been attracted. Speaking on Esports One, Gunnin stated that: “That’s an entry point … if we can make it easily accessible to individuals both that are hardcore gamers playing video games and watching League of Legends their entire life, as well as someone who has no idea what’s going on.”

What the Investment Will Be Used For

The $4 million investment for Esports One this week came primarily from XSeed Capital, Eniac Ventures and Chesnut Street Ventures, meaning that the platform has now raised some $7.3 million. Meanwhile, Esports One has also benefited signing a partnership with ESL Gaming, a well-known lifestyle company.

Such funds will be used to grow the Esports One virtual currency, known as Bytes. Bytes will enable players to enter tournaments and purchase customizations. From the start of 2021, players will be able to purchase Bytes using real money. Esports One is also working hard on developing apps for both iOS and Android devices, with the platform currently only being available on desktop.

What Else Can We Expect from Esports One?

Plans are also in the works to develop fantasy competitions surrounding Rocket League, VALORANT, Fortnite and Rainbow Six, with XSeed Capital’s Damon Cronkey having also had his say on the news: “As a fairly new player in the esports world, we’ve seen immense determination and grit from Matt, Sharon, and the whole Esports One team to grow into a household name. I’m excited to be partnering with a company that will deliver new perspectives and features to an evolving industry. We’re eager to see how Esports One grows in 2021.”