Indonesia’s Evos Esports secures $12m in series B funding

Indonesia’s Evos Esports secures $12m in series B funding

Evos has raised US$12 million in a series B round.

Attention Holdings (ATTN), the parent company of esports organization Evos Esports, said it has raised US$12 million in a series B round led by Korea Investment Partners.

Existing backer Insignia Ventures Partners, new investors Mirae Asset Ventures, Woowa Brothers, and Indogen Capital, as well as several family offices across Southeast Asia and Japan also participated in the round of funding, according to a statement.

A spokesperson for the company told Tech in Asia that the new funds will be mainly used to further build out its tech capabilities. The company is also launching an esports platform in Southeast Asia, but did not disclose any further information.

In addition to the investment, Evos said that Korea Investment Partners executive director Sang-Ho Park will be joining ATTN’s board. “Esports is currently one of the fastest growing industries, and ATTN has managed to establish themselves as the most advanced esports platform across Asia,” Park said in a statement.

According to a ResearchAndMarkets report, the global esports market is expected to reach US$1.11 billion by the end of this year, and grow to US$2.11 billion by 2023. While North America was the largest esports market last year, the report suggests that Asia Pacific will be the fastest growing region during the forecast period.

To further tap into this opportunity, the company said it aims to capitalize on the increased online viewership in both streaming and online content. For 2021, Evos said it aims to reach US$20 million in revenues and garner over 1 million users for its new platform.

Founded in 2017, Evos has teams and professional gamers for competitions, livestreaming, and esports coaching. The company competes in tournaments for Arena of Valor, Free Fire, Mobile Legends, PUBG Mobile, and Point Blank, among others.

It raised US$4.4 million in its series A round last year led by Insignia Ventures Partners. Since then, the company claims it saw its revenues grow by four times, while viewership on its social media channels tripled.

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