Esports fantasy startup FanClash raises $40 million Series B round
The company intends to use the funds to expand globally and build a data and fan engagement platform. Founded in mid-2020, FanClash started as a fantasy gaming application for all core esports viewers and now has operations in India and the Philippines.
“The company plans to use the funds raised for global expansion, building the team and user acquisition. FanClash released its product in India in 2021 and in the Philippines in June 2022 and aims to launch in Vietnam and the USA by early 2023,” said a company spokesperson.
This round succeeds a Series A round of $10 million from Sequoia Capital India, Falcon Edge and Info Edge India in August 2021.
“Online gaming has over 300 million users in India and esports has hit an inflection point with over 100 million Indian viewers. The online gaming market is also monetising well and is on track to surpass $5 billion in revenues by 2025. Going after this opportunity, FanClash is building an exciting new destination for esports fans with an incredible product that is loved by its users. We are inspired by their mission to revolutionise the esports industry, and Sequoia Capital India is excited to partner with the FanClash team,” said Rajan Anandan, MD, Sequoia India.
As per industry reports, globally, there are 500 million core esports viewers globally, growing at 20% CAGR. In India, this number stands at 100 million and is expected to grow threefold by 2025.
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FanClash provides a forum for the fans to not just enjoy the game as a viewer, but also empowers them to monetise their knowledge of esports. Users can create their fantasy teams from every tournament and earn rewards based on the real-life performance of the teams, just like monetising the knowledge of cricket or football via other fantasy platforms.
Fantasy gaming has seen tremendous success in traditional sports such as cricket, electronic sports had no such channel available until FanCLash.
The platform enables users to play fantasy on all leading global tournaments across top esports such as FreeFire, PUBG Mobile, COD Mobile, COD PC, Valorant, CS:GO, League of Legends, DOTA 2 etc.
“Esports fans around the world spend about 8-10 hours a week watching tournaments and gameplay, yet there are not enough avenues for players and viewers to monetise their knowledge in any way. Our customers love FanClash not only because it gives them the opportunity to compete in fantasy games, but also for making them financially independent and
hence taken seriously as esports fans. The industry has corroborated this by the stellar adoption of FanClash in the last 12 months.” said Rishabh Bhansali, co-founder, FanClash.
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