The growing market is set to hit 295.4 million frequent viewers worldwide by 2023.
"Esports has risen to prominence as an entertainment vehicle and became even more visible to the mainstream audience," Sam Mathews, founder and CEO of Fnatic, told Business Insider. "Also, during the pandemic, more and more people turned to gaming as a way to stay sane and have fun while they have been largely locked away."
The internal funding round was led by Beringea with participation from existing investors Unbound, LVL1 Group, and JHD. The funds will go towards continuing to support Fnatic's teams, including its Counter Strike:Global Offensive side, through a "High Performance Unit." "Esports has shown resilience to COVID-19 and its adaptability and relative success within entertainment shows it can adapt to overcome serious existential challenges," Mathews said. "Of all the winners from the COVID-19 content crunch, developers, streaming platforms and streamers seem to have fared best."