Esports Organization Cloud9 Completes $25M Round Of Funding
WWE, CAA co-Founder Michael Ovitz and Monumental Sports & Entertainment Vice Chair Raul Fernandez have invested in top-tier esports organization Cloud9, which closed a $25M funding round to help pay for buy-in fees in new esports leagues. The round was led by Founder Fund, an elite Silicon Valley firm that has backed Facebook, Airbnb and others. Founders Fund Partner Brian Singerman will join the board. Early Cloud9 backer Giants RF Hunter Pence increased his investment and will become a board observer, along with WWE.
Cloud9 Owner & CEO Jack Etienne said in August he would seek outside capital to help pay for $30M in combined entry fees into the Overwatch League, where Cloud9 will run the London franchise, and the League of Legends League Championship Series. Cloud9 fields teams in eight games.