- The tournament organizer secured investments from The Export and Investment Fund of Denmark
- Its annual report also shows a 2.5 increase in fall revenue compared to 2021
- CEO of BLAST Robbie Douek praised the company for what it has done this year
Following the record-breaking funding round, BLAST promised it will continue to upscale its offerings in producing esports in the fields of Counter-Strike, Fortnite, and Rainbow Six: Siege.
BLAST Secures Big Funds
Organizing esports events is not a cheap ordeal, and Counter-Strike tournament organizer BLAST knows this very well. The company sitting behind some of the biggest tournaments in the competitive CS scene recently had its latest funding round to secure investments for future events. It amassed a whopping $13.4 million, securing investments from The Export and Investment Fund of Denmark (EIFO) and “a number of their [BLAST’s] internal investors”.
The tournament organizer explained that these new funds will help it continue producing esports events worldwide with game publishers such as Valve, Ubisoft, and Epic Games. BLAST also promises it will upscale its technology offerings and broadcast infrastructure, a part of which was already launched this year with its live stream platform, BLAST.tv.
This funding round comes two months after BLAST released its annual report for 2022, which shows the income statement for its three companies, BLAST ApS, BLAST Esport Limited, and BLAST Tech ApS. Unfortunately for the company, this netted to a loss of nearly $12.3 million. However, despite this loss, the company also stated an increase in fall 2021 revenue from $14.2 million to $33.47 million in fall 2022, which is a 2.5-time increase.
BLAST also mentions in their report that they expect to see a loss in the range of $ 4.2M-6.3M in 2023. However, this should come near or at EBITDA (earnings before interest, taxes, depreciation, and amortization) breakeven for the year.
Despite the loses, BLAST seems to be growing, woith this year being no exception. Robbie Douek, CEO of BLAST said in the press release for the new funding round that 2023 has been a record-breaking year for the company. In 2020, BLAST raised $13.2 million from Vækstfonden, a state investment fund, which has been one of the company’s largest shareholders since 2018.
Now that the tournament organizer raised even more money this year, shows it has a bright future ahead of itself. This is especially the case when considering the fact that Counter-Strike 2 was finally released on September 27. It will generate even more hype for the game and give BLAST more opportunities to make new tournaments.
“This investment is another important step in our journey, which will allow us to further build on this work and elevate our in-house technology, production, and broadcast capabilities as we head towards profitability in 2023,” Douek explained. “Over the last three years, we have doubled our staffbase and increased our revenue by 11 times – we are proud of this progress and are excited at what the future holds for BLAST.”