Esports industry continues rising; Challengermode tournament platform raises $12 million.

The funding was led by the global investment arm of Alibaba Group


Alfred Lee26 Aug, 2020

Esports industry continues rising; Challengermode tournament platform raises $12 million.

The esports industry continues to grow with more technology companies entering the space.

Challengermode, an online platform that allows players to find, create, and compete in esports tournaments, has successfully raised $12 million in funding.

The Challengemode platform.

The funding was led by eWTP Innovation Fund, the global investment arm of Alibaba Group. Other investors include Telia Ventures, GP Bullhound, Back in Black Capital, and even Swedish soccer legend Zaltan Ibrahimovic.

As of now, Challengermode only supports most competitive games on desktops. 

While there is a high possibility that mobile games will be added to the mix, it is still uncertain how the company will collaborate with mobile game developers the likes of Tencent, Moonton, and many more.

Players can create their own tournaments on the platform.

Moving forward, the company plans to use the fresh funds to scale across the United States and to develop more advanced features of its platform.

Challengermode also plans to integrate its platform with more games in the market, providing a more seamless experience for gamers.

"We are very excited to close this new financing round with the support of a strong set of investors who share our vision for esports.
With the additional backing, we’re able to double down on our core mission of delivering the best competitive gaming experience to each and everyone’s home, in any game. 
Our promise to the esports industry is that we will – regardless of player ability or experience - provide a platform that enables anyone to participate in esports. That means going beyond just making tournaments easy to host to creating a fun and inclusive community", said Robel Efrem, co-founder and CEO of Challengermode.

Alfred LeeAuthor

Journalist at BEAMSTART. I write about breaking business news in the region.

Share this Story


More Stories


BEAMSTART News covers the latest stories on Business, Finance, and Opportunities in Asia. We are an extension of global partnerships platform BEAMSTART.

Stay updated with us via our channels below:

 

Download the App

Be part of the global community of CEOs, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

© 2016 - 2020 BEAMSTART. All Rights Reserved.