Esports One Reels in More Funding as It Continues to Grow

By Thomas Price Sunday, December 20, 2020

As 2020 comes to a tumultuous close, one of the industries that has maintained a solid audience throughout the year is video games. Considering how the COVID-19 pandemic essentially shuttered most live sports for a period of time, streaming video games, and in particular, competitive video games became a solid outlet for people to consume exciting content. In fact, esports as a whole has been a growing field for years as it is with video games such as Super Smash Bros. Melee, Street Fighter V, and League of Legends reeling in cult fan bases and, more recently, crossing over into mainstream success.

Especially with League of Legends, more and more people have been gravitating toward not simply playing the game but watching it played well, with esports organizations worldwide creating highly skilled teams that play each other in incredibly large tournaments. Startup Esports One has been built specifically for that purpose. So, what exactly is Esports One, what kind of growth has it experienced, and how much funding has it seen to support that growth?

What Is Esports One?

Esports One is a platform in which users can create and compete in fantasy esports using the players who have been signed to major esports teams. Using Esports One exclusively, someone can research different players, create fantasy teams, and watch games. Obviously, the platform is very similar to those that allow for fantasy sports in leagues such as the NFL, MLB, and NBA; however, rather than using traditional sports, it is instead League of Legends.

Currently, Esports One is mainly focused on the North American and European division of League of Legends, though there are plans to expand the scope of the platform significantly over time. In order to create a system that puts objective value on players through statistics and performance, Esports One had to create a machine learning platform that analyzed thousands of data points in real time and now has created one of the most comprehensive databases for League of Legends in the world. In fact, before creating the fantasy esport platform, Esports One was used by Riot Games and Overwatch to provide statistics and storylines to competitive broadcasts.

Esports One has continued to see serious growth on the platform, especially in 2020. In fact, the user base for Esports One is growing by more than 25% month over month, which can be attributed both to the rise in popularity for esports in general and the pause on traditional live sports during full months of this year. This growth in user base and expectations for the esports industry has piqued many investors’ interest.

Esports One Funding

Esports One recently announced that the company had raised an additional $4 million in funding. The most recent funding was led by XSeed Capital, Eniac Ventures, and Chestnut Street Ventures. In combination with prior funding, Esports One has now raised a total of $7.3 million, which will help a variety of features. One of the main features which will be expanded is the Bytes virtual currency, which players currently use to enter contests and buy customizations. In 2021, Esports One plans to allow players to buy Bytes using actual money. Beyond Bytes, Esports One also has major plans to develop a native app for both iOS and Android, as it is currently only available through the use of the Esports One website.

Long term, Esports One plans to expand its fantasy business scope by building competition for other games such as Rainbow Six: Siege, Rocket League, Valorant, and Fortnite. Given the already impressive user base growth, these additions could all act as larger catalysts for both growth and revenue.

Final Conclusions

Esports is growing significantly. With more and more people paying close attention to the competitive world of gaming, the idea of creating fantasy teams becomes increasingly appealing both to the hardcore fan and the casual watcher. The company has created that platform and the continuous growth that it is witnessing acts as proof of the idea’s popularity. Esports One, with its recent infusion of more funding, could seriously take off in 2021.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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