Major League Gaming Secures $7.5M Round Of Financing
By Eric Fisher, Staff Writer, SportsBusiness Journal
Major League Gaming (MLG) has secured a $7.5M round of venture capital financing from Oak Investment Partners, a longtime backer. The round represents an option exercised during a prior, October '06 round of funding worth $25M. Overall, the competitive video gaming operation has garnered $42.5M in investment. The move arrives as much of MLG’s competition among full-time gaming leagues has shuttered, most recently the Championship Gaming Series that was backed by DirecTV, B Sky B and Star. “We’re very thrilled that our traction has enabled us to raise this kind of money in an otherwise horrific environment for financing,” said Matthew Bromberg, MLG President. “That said, we took this money not because we needed it, but now is precisely the time to ramp up aggressively. The economy is still a concern, and it obviously affects everybody. But the landscape has changed rather dramatically in recent months, and this is the time for us to pour it on.” Meanwhile, the league’s previously announced bottle promotion campaign with key sponsor Dr. Pepper and gaming star Tom “Tsquared” Taylor began earlier this month with nationwide distribution.
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