Misfits Gaming Group Reveals $35m Investment
Published: Sep 23, 2021
Since 2016, the Misfits Gaming Group, operating out of Florida, has been one of the fastest growing esports organisations in the industry. Today, the organisation fields high-performing teams in League of Legends, Call of Duty, and Overwatch, but there’s a deep history in other titles, too. Now, Misfits Gaming Group (MGG) has announced a landmark investment round boasting an overall value of $35 million.
Driven forward by E.W. Scripps, an American broadcasting company, the investment round promises to propel MGG even higher. Reportedly, the chief goal of this round was to secure tactical partnerships, particularly focused around esports media. Scripps, the biggest partner in the event, pledged a $10m investment, securing broadcasting rights across Florida and the U.S..
Pioneering The Growth
As we recently reported, esports as an industry is set to undergo immeasurable growth over the next few years. In a strategic effort, Misfits Gaming Group has identified the most lucrative areas of this impending expansions, including broadcasting and media. With this investment round, MGG has only multiplied in potential.
In a statement by Brian Lawlor, the Local Media President for Scripps, it was revealed:
… the combination of Misfits and Scripps will help build energy around esports competitions, and that will boost content and connect advertisers with young audiences.
Like many modern esports organisations, Misfits Gaming Group seeks to transcend competitive gaming, becoming an esports media giant. Right now, Misfits’ presence is mostly felt in and around Florida, but with this deal, it’ll expand the organisation’s profile greatly.
At present, Misfits owns the CDL team, Florida Mutineers, the Overwatch team, Florida Mayhem, and the LoL team, Misfits Gaming. In these respective areas, Misfits competes in top-tier esports tournaments, but now, it’s looking to grow even further.
And, there’s already a remarkable foundation behind the organisation. At its core, MGG is partly owned by the Miami Heat and Orlando Magic sports teams.
The Value of Esports
Recently, it was announced that StreamElements, a popular streaming tools company, had raised $100 million in its own investment round. This platform supplies some of the best content creators with overlays, widgets, and interactive elements for their streams and videos. Regardless of whether you’re one of the best Call of Duty streamers or a Fortnite YouTuber, StreamElements is there to help.
It’s one of the best examples of the confidence that third-party organisations have in the esports industry. Although the investment round was driven chiefly by SoftBank Vision Fund 2, there was participation from a string of companies, including PayPal. One of the senior investors involved in the deal stated:
As online entertainment continues to develop as an immersive experience, the demand for authentic creator-driven content has grown exponentially.
As time goes on, we’re almost bound to see more investment opportunities like this arise. With esports becoming a massively valuable industry in the coming years, the potential will increase a hundredfold.
