100 Thieves at the League of Legends World Championship in Reykjavik, Iceland (Lance Skundrich/Riot Games Inc. via Getty Images)
GAMING & ESPORTS

100 Thieves’ Valuation Nears Half a Billion After Series C Fundraising

The gaming and esports company is full steam ahead after a successful $60 million Series C round. So, what’s next?

Los Angeles-based esports organization 100 Thieves raised $60 million from investors which brings the business to a $460 million valuation. 

The round was led by Green Bay Ventures but included money from Creyer Capital and Artists Capital Management. The organization was valued at a $160 million valuation two years ago following a Series B funding round that brought in $35 million.

100 Thieves president and COO John Robinson noted in a video announcement that the company has grown internally too: Two years ago 100 Thieves had about 25 employees. Now, they have over — wait for it — 100.

The news comes on the heels of news from late October that FaZe Clan, the world’s largest esports organization, is planning to take itself public via SPAC. 100 Thieves’ announcement is plain confirmation that there’s plenty of wealth to go around in the esports world.

Especially if gaming is only meant to be one piece of your puzzle.

“The traditional answer from other competitors was they wanted to be the Yankees for video games,” Robinson said in an interview with Forbes. “When I met Nadeshot, his ambitions were so much larger and the idea of what 100 Thieves could be was so different. It was the three core businesses of apparel, esports, and entertainment. I thought that was tremendously compelling and differentiated from everything else that was happening in the gaming landscape. Matt was the only person in gaming that has the credibility to do something like that given his background in esports and content creation as well as his passion for apparel and fashion.”

100 Thieves competes in Fortnite, Call of Duty, Apex Legends, League of Legends, and Valorant. Earlier this year the organization won esports championships in the latter two games.

The company also has content creators signed to them such as Kyedae, Will Neff, and Jack “NiceWigg” Martin. 100 Thieves also boasts an apparel business that generates millions annually, per Robinson. Items include hoodies, sweatshirts, t-shirts, and fleece pants. 

With the latest fundraising momentum, company founder and CEO Matt “Nadeshot” Haag is eager for what’s to come.

“I’m incredibly excited about the valuation, but it doesn’t stop here,” Haag said to Forbes. “Valuation is one thing, but delivering results in the future for our investors and our community and our board members is the number one goal. We really just want to build the most inclusive gaming brand that the world has ever seen. I think we’re well on our way to doing that.”

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