100 Thieves, a Los Angeles-based esports company, raised $60 million from investors at a valuation of $460 million, one of the largest for a company in competitive video gaming.
Green Bay Ventures led the round, which also included money from investors such as Breyer Capital and Artists Capital Management. Founded by former professional video gamer Matt Haag, 100 Thieves operates a handful of competitive esports teams, as well as businesses related to the culture of video gaming. It sells apparel, and also works with social media influencers who play games but don’t compete in professional leagues.
The valuation of 100 Thieves tripled in the last two years, bucking the trend in esports, where many companies have struggled to live up to the hype. While the number of people playing video games has continued to grow, the valuations for teams that play them professionally have not, as the pandemic crimped revenue for all live events businesses.