Startups Investment Recap – September 30
Hello HYPE readers!
Welcome to your bi-weekly recap where we come to you with all the green goodness in the startup investment sector. Let’s dive in.
Mobile Premier League has raised $90M
Gaming startup Mobile Premier League (MPL) has raised $90 million in its latest financing round, its top executive told ET. The latest round, valuing the real money competitive mobile gaming platform at $450 million, was led by SIG Global and RTP Global, along with MDI Ventures and Pegasus Tech Ventures. Existing investors Sequoia India, Go-Ventures and Base Partners also participated in the round. The funding will fuel its expansion plans to markets including South Korea, Japan and the North American region, as well as strengthen product development.
Art of Sport secures $6 million in VC funding
Men’s grooming brand Art of Sport, co-founded by Kobe Bryant, Brian Lee and Matthias Metternich received approximately $6 million in funding. CircleUp Growth Partners led the funding round, and was joined by Lightspeed Venture Partners and Dallas Mavericks-owner Mark Cuban, among others. The investment will be used to expand the company’s retail footprint by 600% by end of 2021, with undisclosed new partners adding to its current 1,600 Target doors. It will also be used to develop new products and invest in marketing and advertising online and out-of-doors.
Guild Esports has raised £20 million ahead of its IPO on the London Stock Exchange
UK-based organisation Guild Esports has raised £20 million ahead of its IPO on the London Stock Exchange, according to a release. The organisation is most notable for the minority interest held by David Beckham. Guild Esports announced its intentions to launch an IPO on the LSE on September 9th and was met by criticism and scepticism by the esports community. Nonetheless, the organisation is continuing with its plans and is set to debut on the exchange on October 2nd. Guild Esports competes in Psyonix’s Rocket League and EA SPORTS’ FIFA, though it’s looking to expand into additional competitions.
Tonal has secured $110M in additional funding
Connected home fitness startup Tonal has secured an additional US$110 million in a funding round comprising several new investors, including basketball stars Stephen Curry, Rudy Gay and Paul George, and golfer Michelle Wie. According to TechCrunch, the fresh injection of capital takes the total raised by Tonal, which manufactures artificial intelligence-enabled strength training devices, up to US$200 million. Tonal’s core product, a device that includes a flat-screen TV, a workout bench and resistance bands, retails for around US$3,000 in the US.
Freeletics has closed $25 million in Series B funding
Freeletics, the “AI-powered” fitness coaching app, has closed $25 million in Series B funding. The round was led by U.S.-based JAZZ Venture Partners and Causeway Media Partners, with support from KKCG. The fresh injection of capital follows $45 million in Series A funding in late 2018. It will be used by the company to develop new tech, further expand globally and launch new business verticals. The Freeletics app offers AI-powered fitness and mindset coaching, and has 48 million users in more than 160 countries, claiming to be the No. 1 fitness app in Europe with more than 600,000 paid-for subscriptions.
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