Fatfish Group and subsidiary Abelco back RightBridge’s eSports strategy in $8.4m funding round
RightBridge’s plan is to become a “leading eSports investment firm” within the Scandinavian region.
Fatfish Group’s (ASX: FFG) 50.1%-owned Swedish subsidiary Abelco Investments has revealed its eSports spin-off RightBridge Ventures has raised SEK55 million (A$8.4 million) in new funding to finance its eSports strategy.
Scandinavian fund Modelio Equity AB led the financing round with Fatfish and Abelco both participating and investing about $150,000 each.
Also participating was RightBridge’s management and several institutional investors including Modelio.
At completion of the funding round, Abelco will own a majority 53% stake in RightBridge, while Fatfish’s direct holding will be 0.6%.
RightBridge’s strategy is to evolve into a “leading eSports investment firm” within the Scandinavian region.
The company is also looking to undertake an IPO to list on a European stock exchange.
Fatfish noted the funding round shows the ability of RightBridge to attract independent investment from third-party institutional investors.
Following the funding round, RightBridge’s valuation is about SEK145 million (A$22.1 million), which is expected to have a positive impact on Abelco’s balance sheet, and, in turn, Fatfish’s.
Acquiring Esports Pulze interest
In parallel with RightBridge’s funding round, it is acquiring a 10.7% interest in Swedish-based global eSports platform Esports Pulze (Epulze).
Headquartered in Orebro, Epulze also has a subsidiary in Malaysia, office in Singapore and regional teams in the Ukraine and Brazil.
The company operates epulze.com and hosts a multi-national community of grassroot enthusiasts through to hardcore eSports professionals, streamers and interested companies.
Securing foothold in eSports sector
Acquiring the holding in Epulze is part of RightBridge’s strategy to expand its exposure to the eSports and gaming community.
Epulze’s first gaming Dota 2 brought more than 400,000 registered users to the platform, which has hosted more than 1 million matches and held 53,000 tournaments.
The company’s strategy is to “rapidly expand” by adding new games with a focus on PC-based titles.
“RightBridge invests in eSports and gaming companies that act as catalyst, data generator and testbed for gamers and entrepreneurs to interact, show their gaming and business skills under the values of fair play, innovation and equality,” Fatfish explained.
The holding in Epuzle builds on RightBridge’s existing eSports investment portfolio which includes organisations such as Lilmix and iCandy Digital.
RightBridge also has collaborations with Scout Gaming Group and Non-Violence Project Foundation.