Esports infrastructure provider nets $1.5M investment from Wells Fargo and Galaxy EOS VC Fund
August 5, 2019, 4:57PM EDT
1 min read
Esports is on the rise, and so is one of its main infrastructure providers, Matcherino. The company that powered more than 6,000 successful tournaments is looking to explore blockchain capabilities with its product, now bolstered by an additional $1.5 million from its Series A-1 round, garnering investments from players like Galaxy EOS VC Fund and Wells Fargo.
Matcherino is currently developing tools that utilize the EOSIO blockchain, according to CEO John Maffei.
"Future versions of the product will likely incorporate blockchain functionality for measurement and financial payouts," he said.
The company is looking to scale its organization to meet interest from esports-interested companies like Gamestop, EA Sports, Blizzard and Microsoft. Matcherino offers software and financial technology, providing the infrastructure for esports events, including registration, bracketing and payouts among other services.
Wells Fargo's investment marks a more traditional finance player investing in blockchain capabilities and leveraging the rapid growth of the esports realm. Sean Sang Sub Lee, Vice President, Early Stage Investing at Wells Fargo Strategic Capital, said navigating esports has been inefficient for all involved, and left "billions of unrealized dollars on the table."
"We see an opportunity with Matcherino not only to remedy these inefficiencies, but to open these long-untouched revenue streams for years to come," he said in a statement.
The additional $1.5 million brings the Series A-1 round to a total of more than $4.1 million, according to the company.