Axiomatic Gaming, the parent company behind esports organization Team Liquid, has raised $35 million, the latest example of big investment money flowing into the industry.
“We spent a lot of time scoping out the esports industry, unsure of whether we were going to make an investment or not,” says Kort Schnabel, partner and co-head of U.S. direct lending at Ares, who was lured by more than Team Liquid’s track record of success in competitions since its founding as aclan in 2000. “When we came across the Axiomatic opportunity, it presented things we did not see in any other esports opportunity that we evaluated.
The organization will be using its new funds to look at potential acquisitions that could take the team into new verticals, Hungate says, and to grow its fan base internationally. The team’s fastest-growing market is Brazil, where it already fundssquads and is about to break ground on a new training facility, its third after opening spaces Los Angeles and the Netherlands.
Axiomatic was founded by Peter Guber, who is part of the ownership teams behind the Golden State Warriors, the Los Angeles Dodgers and LAFC, and Ted Leonsis, who owns the Washington Wizards, Capitals and Mystics through Monumental Sports & Entertainment. Axiomatic also counts among its investors Michael Jordan, Magic Johnson and motivational speaker Tony Robbins. It acquired a controlling interest in Team Liquid in 2016.
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