Ignite Tournaments secured a total of $10 million in funding from strategic investors to create the first mobile play-to-earn (P2E) esports tournament and streaming platform in history, CoinJournal learned from a press release.
Yield Guild and Animoca Brands led crucial investment rounds
The funds were raised in two crucial investment rounds. The first, a $3 million seed round, was co-led by Yield Guild Games and Ascensive Assets. Ignite also closed a $7 million strategic round in February 2022, co-led by Animoca Brands, Infinity Ventures Crypto, and Moon Holdings Fund.
These notable investors bring decades of experience in the traditional and blockchain gaming industry. Robby Yung, CEO of North American Operations for Animoca Brands commented:
Animoca Brands has built its success by investing in and partnering with projects with strong fundamentals both in and out of the gaming industry. It is under this exciting context that we are eager to both invest in as well as to explore integrating our games with Ignite Tournaments.
Thomas Vu, Former Head of Creative and Franchise at Riot Games and Partner at Moon Holdings Fund, added:
We are bullish on Ignite Tournaments. When I led multiple strategic efforts at Riot Games, I always thought that a ‘plug-and-play’ tournament would benefit players. It was inevitable that someone would build such a platform. I am delighted to see what Krystal and Tony have built, and look forward to supporting them in play-to-earn and traditional gaming.
Ignite Tournaments will lower the entry barrier for gamers worldwide by providing the tools of P2E tournament organization. Payouts are made in NFTs and cryptocurrency. You can stake to earn additional rewards. Ignite is also working on developing web 3.0 infrastructure to improve esports payouts.
Brian Lu, Venture Capital Investor at Infinity Venture Crypto concluded:
It’s clear to me as both a former competitive gamer and VC investor that Ignite Tournaments will completely transform competitive mobile gaming. I am co-leading this round because I want to see Ignite Tournaments add that immense value to all games worldwide; to both IVC’s game portfolio and beyond.