Posted in NEWS
August 5, 2020

Veloce Esports raises £4 million, will merge with Veloce Racing

Veloce Esports raises £4 million, will merge with Veloce Racing

Team organisation Veloce Esports announced this week that it has raised a new funding round, and will merge in its Veloce Racing brand going forward.

The Financial Times reports that the organisation raised £4 million in the round, which includes former Lloyds Development Capital CEO, Darryl Eales, currently co-chairman of Veloce Racing.

Image credit: Veloce Esports

RELATED: McLaren Racing partners with Veloce Esports to expand esports program

Rupert Svendsen-Cook, Veloce Esports CEO, commented in a release: “The world has changed in the last few months and it has deeply impacted all sports, even esports. Our team took the initiative very early on and showed immense determination to come out of this moment in a considerably stronger position than when the pandemic started. Beyond that – and speaking as someone who has recently recovered from Covid-19 – we used this time as an opportunity to raise our head above the parapet. We were there to capitalise on the surge and leverage the enhanced exposure to raise significant capital, bringing our two businesses closer together to further boost our growth plans. Between both esports and racing, we are all extremely excited for what the future holds.”

Former Liberty Global Executive and current Veloce Esports chairman Eric Tveter – who previously invested in a Veloce angel round in September 2019 – also participated in the funding round. The round also includes Russian scientist, mathematician, and entrepreneur (and Veloce Racing non-executive chairman) Andrei Cheglakov, and former Marussia F1 CEO Andy Webb (also Veloce Racing co-chairman).

Veloce Esports is currently focused on racing games, including F1 2020 and Gran Turismo, although it previously fielded a team in Rocket League as well. In May, Veloce Esports partnered with McLaren Racing to operate the racing team’s sim-racing initiative.

RELATED: Veloce Esports receives investment from Eric Tveter

Veloce Racing will field a team in next year’s Extreme E competition, which features off-road electric vehicles battling it out in varying conditions.

Eales added in a release: “As investors we are extremely excited to continually help the management grow Veloce across the ever flourishing esports industry and Extreme E, the next year is going to be a busy one with Extreme E’s inaugural season kicking off in 2021 and esports’ recent boost in popularity. We’re all excited to see what the future holds for Veloce!”

Esports Insider says: Veloce Esports clearly sees its future in racing, whether it’s in esports or Extreme E, and this investment suggests that the organisation is well primed to continue on in that effort.

Listen to ESI Network, a suite of esports podcasts

Published at Tue, 04 Aug 2020 18:54:55 +0000

Mogul adds Google, YouTube veteran Kate Vale to board

Kate Vale‘s career has taken her to many top companies including YouTube, Google, and Spotify, now she joins the board of matchmaking platform as a non-executive Director. 

An amateur tournament and competition matchmaker, is in a space with plenty of competition. One way to get ahead of a crowded field is filling a company with top executives, and that seems to be Mogul’s plan. 

Image credit: Mogul

RELATED: Microsoft partners with Mogul for Age of Empires II esports

Vale joins Canva co-founder Cameron Adams and Mogul Chairman Adam Jacoby on the Board of Directors. 

Mogul Director Cameron Adams commented on Vale’s hiring in a release: “I’m thrilled to welcome Kate to the Mogul board. Since being a long-ago colleague of mine at Google, she’s built on that with pivotal roles at Spotify and YouTube… Mogul’s strong tournament product brings communities together and Kate’s guidance on how Mogul can build bridges between players, organisers and publishers gaps will be invaluable.”

Vale’s career has kept her in managing roles in Oceania. She was the Country Manager for Google in Australia and New Zealand before transitioning to a similar role as Managing Director of Spotify in Australia and New Zealand. 

RELATED: Dire Wolves names new management ahead of major expansion

Vale said of her hiring in the release: “I’m delighted to take up this appointment. Mogul’s world-class software suite is already delivering value for publishers, organisers, and brands and their gamer communities. The esports eco-system is only nascent, which in my experience presents great opportunities for a digital product to navigate and deliver value to rights-holders whilst meeting consumer needs. No one has won this category yet, so I am very excited to work with Gernot, Cameron and the Mogul team to build something special.”

Esports Insider says: As Vale says, no one company has won this category yet – but not for lack of trying. Take your pick of amateur esports tournament organisers/competitive matchmakers; you’ll have plenty of options. If we were betting on a horse, however, Mogul – with a solid crew of experienced executives – seems like one with decent odds. 

Listen to ESI Network, a suite of esports podcasts

Published at Tue, 04 Aug 2020 17:52:58 +0000

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