- The Singapore-based organization sets a record for the most money raised for an esports organization in Southeast Asia
- Prominent investors include Vulpes and Gandel Invest
- The company is spurred on by the growing mobile gaming market in the region
The esports startup Ampverse gained over $12 million in a Series A funding round, with plans to invest in expanding its activities in Indonesia and the Philippines.
Ampverse Lands $12 Million
Traditional sports need a large capital to train teams, build venues, create amazing spectacles, and esports are not too different. Esports organizations also need big sponsorships, and sometimes funding campaigns for esports can raise tens of millions of dollars. Such is the case with Singapore-based esports startup Ampverse, which recently raised over $12 million in Series A funding.
The Falcon Capital-led funding campaign is said to have gathered the largest amount of money compared to any other esports organization in Southeast Asia, this data being backed by PitchBook and other third-party platforms. The newly gained capital will be used to expand Ampverse’s influence in Indonesia and the Philippines by acquiring more esports teams and scale the organization’s play-to-earn unit.
Some of the more prominent investors in the round include Vulpes and Gandel Invest, as well as individuals like Rob Gilby, former Southeast Asia managing director for Disney, and Marcus John, former vice president of Lagadere and Wolfpack Fund.
More about the Start-Up
Ampverse is a relatively new company, having been founded only in 2019. Despite that, the organization has assembled an impressive portfolio that includes Thai esports brands Bacon and MiTH; Vietnamese team SBTC Esports, and India's 7Sea. Ampverse’s play-to-earn business allows players to earn rewards by playing games like Axie Infinity, Townstar and Spider Tanks. The company’s partnerships include ones with Disney, Samsung, and Porsche.
Over the past 12 months, Ampverse expanded into Vietnam and India. Naturally, this came with many challenges that co-founder and CEO Ferdinand Gutierrez talked about in detail a couple of months ago. Nevertheless, the company’s revenue has grown 125% over the last year.
Ampverse was founded because the team behind it realized there is huge potential for a company “with IP and products for gaming fans that sits at the intersection of gaming and popular culture, be it esports teams, merchandise product or other fan experiences,” said Gutierrez in an interview for TechChirch.
“We felt these two markets were strategically important markets in SEA,” said the CEO about Ampverse’s expansion into Indonesia and the Philippines. Gutierrez said that there is huge potential in the mobile gaming market in Southeast Asia. He gave an example with the Philippines where its gaming population has grown by 12.9% yearly since 2017 thanks to the growing accessibility of smartphones.
With the growing trend of mobile gaming in Southeast Asia, Ampverse will most likely continue its fast growth.