Esports Entertainment Group dips toes into VC vertical
Malta-headquartered operator parts ways with $2m worth of shares to explore “added economic firepower for the company”
Esports Entertainment Group (EEG) has agreed a partnership with Game Fund Partners (GFP) as it takes its first steps into the venture capital world.
Through the partnership, EEG will become part of GFP’s venture capital arm and a planned $300m fund.
As part of the multi-year agreement, EEG will invest around $2m worth of company shares into 20% of the fund. EEG will also become an “integral part” of the management of the investment arm.
Via GFP, EEG said it will explore joint project and investment vehicles that would help fuel growth for the company across several verticals, including gaming, data, blockchain, online gaming and joint casino hotel investments.
Grant Johnson, EEG CEO, said: “We are pleased to be a part of this rapidly growing investment fund that is involved in so many excellent projects in the gaming space and beyond.
“We believe this relationship and investment is just the beginning of our substantial growth in financing and partnering with major projects and sports teams throughout the gaming industry.
“This partnership opens up a new path for substantial growth and added economic firepower for the company,” he added.
Marc Kasher, GFP chief investment officer, commented: “We are on the forefront of building a significant company together that I believe will be a leader in gaming and a new metaverse.
“EEG is a leader in gaming software and online gambling as well as investments in cryptocurrency. We see a number of extremely attractive financial opportunities in continuing and future projects with them.”
Alongside Kasher, EEG will join forces with GFP founder Jonah Blake and Oak Park Capital CEO Bob Blake in working within the venture capital arm.