Australian payment processor SQID Technologies Limited has acquired $2.15m AUD (~£1.2m) worth of shares in esports organisation The Chiefs Esports Club, operated by ICON Esports.
The capital raised will be used to expand ICON Esports’ commercial and business activities in 2021, which includes The Chiefs Esports Club.
According to the release, a joint focus on the development of revenue drivers outside the core esports organisation will also occur.
Nick Bobir, CEO of ICON Esports and The Chiefs Esports Club, spoke on the investment: “With the support of SQID Technologies we will be able to further expand upon our position in the market as the leading gaming and esports brand in the region.
“2020 was a tough year around the world but despite the challenges, we were able to successfully grow the brand while building aspects outside of the core esports business. It was also very important to spend the last 18 months building a sustainable business and move into profitability which we managed to achieve. We are excited to now focus on key growth areas across the Chiefs and ICON network in 2021 and beyond.”
The expansion is expected to be supported further by the launch of the organisation’s ecommerce business in quarter two of this year, as well as by other strategic mergers and acquisitions yet to be revealed.