Ignite Tournaments has secured $10 million in funding from strategic investors. The funds will be used to launch the first dedicated mobile esports tournament for play-to-earn (P2E) games and to develop a complementary streaming platform, according to a press release obtained by CoinJournal.
Yield Guild and Animoca Brands led the main investment rounds
The capital was raised across two primary funding rounds. The initial seed round raised $3 million and was led by Yield Guild Games and Ascensive Assets. Ignite then closed a strategic round of $7 million in February 2022, led by Animoca Brands, Infinity Ventures Crypto, and Moon Holdings Fund.
These prominent investors bring years of experience in both traditional gaming and blockchain sectors. Robbie Young, Head of Operations for Animoca Brands in North America, commented:
Animoca Brands has seen strong results by investing in and partnering with projects that have solid foundations in gaming and beyond. We aim to continue investing and exploring integrations between our games and Ignite Tournaments.
Thomas Vu, former Head of Creative and Franchising at Riot Games and a partner at Moon Holdings Fund, added:
We’re optimistic about Ignite Tournaments. While leading various strategic initiatives at Riot Games, I believed players would benefit from a “plug-and-play” tournament model. It was only a matter of time before someone built such a platform. It’s encouraging to see what Crystal and Tony are building, and I’ll support their work in the play-to-earn space.
A revolution in esports
Ignite Tournaments aims to lower the barriers to entry for esports players worldwide by providing the tools needed to organize P2E tournaments. Prize payouts will use NFTs and cryptocurrencies, and staking will be available to earn additional rewards. In addition, Ignite is developing Web3 infrastructure to improve payout systems within esports.
Brian Lu, founding partner at Infinity Ventures Crypto, summarized the impact:
As a former competitive player and venture investor, I believe Ignite Tournaments will fundamentally change competitive mobile gaming. I’m proud to help lead this round and hope Ignite Tournaments makes a meaningful contribution to the gaming ecosystem both within IVC’s portfolio and far beyond.