(Photo by Marco Cerino)
According to a filing with the Securities and Exchange Commission, NoLibs-based esports tournament organizer N3rd Street Gamers has raised $2.57 million in funding.
James Love, communications director for the N3rd Street company cofounded by John Fazio and Rob Hilsky, confirmed the raise via email on Thursday.
“After a banner year for us and the proven data points we were looking for, we’re continuing to accelerate our growth at a national scale,” Love said. “The [$2.57 million] is a convertible note provided by our existing investors as commitment to our growth and initial contribution towards our Series A raise.”
(For context, convertible notes are a common vehicle for funding in the startup realm. It’s basically a loan that converts to equity in a company in conjunction with an upcoming financing round.)
Investors in this round, Love confirmed, include SeventySix Capital — which in 2017 invested an undisclosed amount in the company — and Comcast Spectacor, which pumped an initially-undisclosed amount in the company (an SEC filing later showed that number was $1.3 million) in June of 2018.
The realLIST 2019 company, which works to develop a pipeline of top-flight esports talent, opened an 18,000-square-foot gaming hub in Lakewood, Colo. last year. This year it kicked off a string of events called the National Championship Series, which will reach 10 cities through 2019.
These universities won big at PA Cup, a collegiate esports tournament
South Philly will be home to the first ground-up, purpose-built esports arena in the country
N3rd Street Gamers partners with Overwatch publisher for national amateurs’ tournament
Why Deacom’s team prioritizes collaboration and continuous improvement
Next month, 16 Pa. colleges will compete in a varsity esports championship
How an Iraq war vet turned his love of video games into a career
Here’s what people get wrong about being an esports champ
Engineers have Vistar Media’s Philly office all to themselves
Sign-up for daily news updates from Technical.ly Philadelphia