Esports startup based in Singapore amp has raised $12 million in Series A funding led by Falcon Capital. The company says this is the largest Series A launched by an esports organization in Southeast Asia, based on data from PitchBook and other third-party platforms. The round will be used to expand into Indonesia and the Philippines, add more esports teams and scale Ampverse’s play-to-earn unit.
Founded in 2019, Ampverse’s portfolio includes Thai esports brands Bacon and MiTH; Vietnamese team SBTC Esports and India’s 7Sea. The play-to-earn business allows players to earn rewards by playing games like Axie Infinity, Townstar, Spider Tanks and also get trained by professional esports players. Ampverse has worked with clients such as Disney, Samsung, McDonald’s, Nestlé, Lazada and Porsche.
Ampverse CEO Ferdinand Gutierrez said the company’s revenue grew 125% over the past 12 months as it expanded into Vietnam and India.
Gutierrez told TechCrunch that Ampverse was formed because his team saw a “great opportunity to create a company with intellectual property and products for gaming fans that sits at the intersection of gaming and popular culture, be it e-sports teams, merchandise or other fan experiences”. The company’s executive team previously held positions at media, entertainment and gaming companies such as Havas, Twitch and Universal Music.
He added that expanding into Indonesia and the Philippines “will round out our SEA footprint,” which already includes Singapore, Thailand and Vietnam.
“We considered these two markets to be strategically important markets in SEA given what dynamic eSports markets they are, as well as the popularity of games like Mobile Legends in these markets, which complement the existing game titles our teams compete in” , Gutierrez said, noting that Indonesia is the largest gambling market in Southeast Asia. There are now more than 43 million active gamers in the Philippines, a number that has grown 12.9% annually since 2017 thanks to the increasing accessibility of smartphones.
Other participants in the round include returning investors Vulpes and Gandel Invest, as well as the likes of Rob Gilby, former Disney Southeast Asia executive; GoGame CEO David Ng; Michael Patent, CEO of the culture group; and Marcus John, former Vice President of Lagadere and Wolfpack Fund.
In a prepared statement, Falcon CEO Wil Rondini said, “The growth that the Ampverse team has achieved in a short period of time is monumental. With their continued esports M&A strategy and play-to-earn vision, we know the future is bright for Ampverse.”
Singapore-based esports startup Ampverse lands $12M – TechCrunch Source link Singapore-based esports startup Ampverse lands $12M – TechCrunch