Esports company Matcherino has announced receiving the addition of $1.5 million in funding today.
The investment comes from Galaxy Digital's Galaxy EOS VC Fund, as well as Wells Fargo Strategic Capital.
“Our product offerings provide the tools to connect players, brands, tournament organizers, and even fans, in a way that is advantageous for all parties, both monetarily and in providing a more enjoyable experience for all involved,” John Maffei, the CEO at Matcherino, said.
Maffei added how thrilled he is to have the new investors, and that Matcherino’s products are “designed to connect industry stakeholders who have been long ignored or underserved.”
Matcherino was launched back in 2015, and has since provided software and financial solutions at esports events. Since its launch, the company’s services has paid out over $2.4 million when it comes to tournament prize money.
With the growing investment in esports, the company aims to continue using its financial infrastructure and prize pool management system to distribute rewards in a timely manner.
Sean Sang Sub Lee, the vice president of early stage investing at Wells Fargo Strategic Capital, emphasized the importance of the investment in Matcherino.
“Navigating the esports operating landscape has been an inefficient process for brands, players, tournament organizers, and fans alike, leaving billions of unrealized dollars on the table.” Lee said. “We see an opportunity with Matcherino not only to remedy these inefficiencies, but to open these long-untouched revenue streams for years to come.”
To date, Matcherino has raised over $7.7 million in funding from investors such as aXiomatic Gaming, Madrona Venture Group, and Seven Peaks Ventures.