Posted in: eSports, Games, Video Games | Tagged: eSports, ReKTGlobal, Summit Partners

ReKTGlobal Announces $35 Million Funding From Summit Partners

Published Thu, 08 Oct 2020 09:40:06 -0500

Last updated Thu, 08 Oct 2020 09:44:02 -0500

ReKTGlobal has been busy this year as they have formed a few new partnerships, their latest scoring a ton of funds from Summit Partners. The company revealed the massive funding effort which will be put toward hiring and acquisition efforts within the esports community and their organization as a whole. According to the info released today, the investment will help support the expansion of ReKTGlobal's product portfolio, as well as "monetize assets and assist with the acceleration of the company's international growth through key executive hiring across its owned and operated companies". What kind of an impact it will actually have on the business won't be calculated for some time as every check comes with a balance. So whatever moves the company will take down the road, don't expect to see a true impact from it for at least a year. Here's a few quotes from both parties about the deal.

"We are thrilled to announce this news and look forward to a long-term partnership with Summit Partners," said Amish Shah, co-founder of ReKTGlobal. "We believe our dedicated teams and strategic partnerships separate us from other esports organizations, and we couldn't be more proud to welcome Summit Partners as our debt capital partner."

"ReKTGlobal is one of the very few esports companies to have reached profitability. With a dedicated team and organization, we believe we are strongly positioned to build on this momentum as we work with Summit to scale the business globally," said Dave Bialek, CEO of ReKTGlobal.

"We believe ReKTGlobal is well-positioned to continue delivering strong, profitable growth," said Adam Britt, Managing Director at Summit Partners. "Co-founders Amish Shah and Dave Bialek have an exciting vision for this business – one that we believe bridges the gap between the music, entertainment, sports, apparel and gaming industries – and we look forward to being a partner in that growth."

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