XSET secures $15M investment

One of the fastest growing gaming organizations in North America, XSET, has closed a $15 million Series A funding round. 

In a Series A funding round led by the streetwear and lifestyle brand holding company LightWork Worldwide llc, XSET has secured $15 million funding. LightWork has formerly invested in many streetwear brands, including 424, Round Two, Pyschworld, No Vacancy Inn, and Supervsn.

Multiple investors in this round with XSET include companies that focus on blockchain and metaverse such as Alpha Sigma Capital, Concept Art House, and GuildFi. In addition to capital ventures, numerous NFL players have also invested in XSET, including Adrian Colbert, Alkho Witherspoon, Ndamukong Suh, Ezekiel Elliott, Justin Simons, and Kyle Van Noy.

The list of investors also includes 

• Apex Capital Partners
• Baron Davis Enterprises
• Breakaway Ventures
• Gaingels
• Gee Roberson Management
• Quality Control
• The Alliance
• Swae Lee
• Mind Melt Media
• Whitwell & Co
• Worldwide Wes
• Young Money

XSET celebrates its second anniversary

With a wide range of companies in its partnership list, including HyperX, Quality Control Music, Respawn, SCUF Gaming, Roots Canada, Fanshark, and Wahlburgers, XSET has grown exponentially in recent years. The group, which is marking its second anniversary this month features eight professional esports teams that compete in a variety of games, including VALORANT, Rocket League, Halo, and Rainbow Six Siege, among others.

After winning the VCT NA Challengers Stage 2 recently, one of the organization’s teams, XSET Valorant, made its debut on the global stage — Masters Copenhagen — as the North American Champions. Despite being eliminated from the Masters, XSET has clinched a spot at the Valorant Champions in Istanbul by securing 245 VCT Circuit Points.

Esports continues to swoop huge investment 

As the latest example of big investment money flowing into the esports industry, a relatively unheard-of metaverse company Infinite Reality acquired ReKTGlobal, the owner of the esports teams Rogue and the London Royal Ravens. The deal was closed for $470 million in stock back in April 2022.

In the following month, Axiomatic Gaming, the parent company behind esports organization Team Liquid, raised $35 million in funding. The funding round was led by Ares Management who valued Team Liquid at $415 million. Ares Management also owns minority stakes in sports teams like Atlético de Madrid and McLaren Racing. Other investors in the round include Revolution Growth, a venture capital fund known in the media and entertainment verticals, and Hiro Capital.

At a $460 million post-money value in December of last year, 100 Thieves also raised $60 million in a Series C financing — an increase from the $160 million post-money valuation at which the business received $35 million in a Series B round two years earlier.

Furthermore, Misfits Gaming Group, the owner of Florida Mutineers, Florida Mayhem, and Misfits, secured $35 million in a new round of funding in September 2021. The E.W. Scripps Company, which controls a number of TV stations in the US, led the funding round and as a result, Scripps was named as a designee to Misfits.

Header: XSET