Southeast Asian esports firm Ampverse has raised $12m (~£9.16m) from its Series A funding round.
The funding will be used to acquire more esports teams as well as play-to-earn (P2E) guilds, according to a release.
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In particular, the funds will be used to bolster Ampverse’s expansion in the Indonesian and Philippine markets. According to the release, the company’s move into the P2E space is expected to ‘complement’ its existing esports IP.
Since Ampverse was founded in 2019, the company has acquired four esports entities, including Vietnamese organisation SBTC Esports, Indian organisation 7Sea as well as Thai esports teams Bacon Time and Made in Thailand.
Ferdinand Gutierrez, CEO of Ampverse, commented: “Ampverse has witnessed tremendous growth over the last twelve months, with 125 per cent revenue growth and expansion into the Vietnamese and Indian markets, while also strengthening our esports assets portfolio.
“We will utilise these funds to move forward to solidify our position within Southeast Asia by continuing our expansion into Indonesia and the Philippines. We are also thrilled to continue scaling our esports and new play-to-earn business unit through further M&A.”
The Series A round was led by global investment fund Falcon Capital, with further follow-on investments from Singaporean fund Vulpes and Gandel Invest.
Ampverse’s new investors join notable figures such as former Disney SEA Managing Director, Rob Gilby, Culture Group CEO Michael Patent, and Marcus John, former Vice President of Lagardere Sports & Entertainment.
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Falcon CEO, Wil Rondini, added: “The growth that the Ampverse team have delivered in a short period is monumental. With their continued esports M&A strategy and play-to-earn vision, we know that the future is bright for Ampverse.”
Esports Insider says: With this funding, Ampverse should be able to continue its M&A approach and bolster its operations within Southeast Asia. This is a statement of intent by the company, with Ampverse targeting more esports teams and looking towards other opportunities, such as P2E. If the funding is spent wisely, this could be yet another exciting move within the SEA esports ecosystem.