Before we get it into the story behind the sudden surge of cash for 100 Thieves, courtesy their investors, we will get started by understanding something more about 100 Thieves. This is a popular esports organization and it is based in Los Angeles, California, USA. The organization is famous because it has a few teams in Call of Duty, Fornite, League of Legends, and Apex Legends. Many of us would be aware that League of Legends and Call of Duty are franchises of League Of Legends Championships Series and the Call of Duty World League. The organization, 100 Thieves has grown quite impressively under the stewardship of Mathew, Nadeshot Haag, and a few others. It has received significant investments from Cleveland Cavaliers and Dan Gilbert who is the owner of Quicken Loans.
The New Cash Bonanza
According to some reliable reports, 100 Thieves, who also happens to be the franchise of Drake’s esports, has seemingly raised a big amount of cash from its investors. It also is believed that this investment alone has been able to boost the value of 100 Thieves by over 40% and all this has happened in less than a year. This is no mean achievement, to say the least. It is also believed that an e-sports team that is owned by Drake is keen on generating $25 million as new funding. It would also be pertinent to mention here that they might have been successful in generation $25 million. The fundraising program was quite impressively oversubscribed. Because of the oversubscription, the team was valued at $125 million. However, these are from unconfirmed sources but at the same time, they are reliable because it comes with somebody who has direct knowledge of the situation as far as Drake is concerned.
It Indeed Is A Big Climb
The new valuation is certainly a big move upward from last October when the initial valuation of 100 Thieves funding round was estimated to be valued at around $90 million. There were some famous names that were a part of the earlier round of investments. They included Scooter Braun, the manager of the legendary figure Justin Beiber. Additionally, it also had Marc Benioff, the Silicon Valley tycoon and last but not the least Dan Gilbert the owner of Cleveland Cavaliers.
The Funding Results Are Not Unexpected
While there could be many eyebrows raised because of the massive funding and valuation upswing, it has not come as a surprise. According to a reliable source belonging to esports, the reason for this meteoric rise could be attributed to a few factors. First and foremost it is because investor groups have started to get involved in the funding process of 100 Thieves. They do their homework properly and are willing to invest in teams on whom they have big confidence levels, not only for the short term but also for the medium and long term.
The Man At The Helm
Matthew Haag is a professional gamer. He also is known as Nadeshot. He is the Chief Executive and Founder of 100 Thieves. It would be pertinent to mention that the firm also is into the business of selling apparels and has already launched streaming shows of its own. Further, there are also talks that 100 Thieves also wants to register in a new Activation of Esports League under Call of Duty. This most probably will be launched next year, according to reliable sources.
Teams that wish to participate in the league are required to pay around $25 million as an initiation fee. This also is according to reliable sources and there is no doubt that $25 million is not a small amount by any breath of imagination. If teams start paying $25 million as initiation fee and enter the league, it is quite obvious that they are rich, to say the least. Hence, there are all reasons to believe that 100 Thieves would be in that league soon. It perhaps would be the only second official Los Angeles team that could start holding events in the various LA arenas. This will go a long way in increasing its popularity by leaps and bounds.
What Has Drake Got To Say
While there is a lot of excitement, debates, and discussions over the fantastic fundraising activities of 100 Thieves, it is ironical that Drake has refused to comment. A word or two from Drake perhaps could have made a big difference.