February 26, 2019 / 5:33 PM / 7 months ago

Team owner G2 Esports raises $17.3 million

NEW YORK (Reuters) - G2 Esports, owner of 11 teams that compete in video game competitions around the world, said on Tuesday it had raised $17.3 million from private equity firms and sports, real estate and technology investors.

Investors include New York private equity firm Seal Rock Partners, affiliated with oil and gas investor Jonathan Z. Cohen, real estate executive Al Tylis of NorthStar Asset Management Group Inc, and YuChiang Cheng, president of TopGolf Media, a unit of TopGolf International.

Also participating was Everblue Management, founded by Eric Mindich, who shut his former hedge fund Eton Park Capital Management in 2017.

Tech entrepreneurs Brian Distelburger, co-founder of knowledge engine provider Yext Inc, and Myke Naef, who founded and then sold scheduling software company Doodle AG, also provided funding.

G2 will use the money to speed its global expansion, pay franchise fees and further its investments in business and content operations, it said.

G2 was co-founded in 2014 by League of Legends player Carlos “ocelote” Rodriguez and Jens Hilgers, who also co-founded the Electronic Sports League, a major global video game competition producer.

“G2 is doubling down on international growth and continuing our investment in world-class content creation,” Rodriguez said in a statement.

The latest round of funding brings G2’s total to $24.6 million. G2’s financial adviser on the deal was the boutique New York investment bank Inner Circle Sports.

Reporting by Hilary Russ; Editing by Tom Brown

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