FaceIt Raises $15 Million and Opens an Office at L.A

FaceIt, a U.K.-based startup that runs an online multiplayer game platform, has raised $15 million in venture-capital funding and is eyeing U.S. expansion.

The e-sports industry, or video games as a spectator contest, is as unsettled as it is fast growing. But FaceIt’s momentum has been strong enough for the start-up to secure $15 million from venture capitalists at Anthos Capital, Index Ventures and United Ventures, London-based FaceIt announced Tuesday. Chief Executive Niccolo Maisto also said a Santa Monica office opened this month, with plans for a dozen people by the end of the year.

Founded in London in 2012, FaceIt claims to have more than 3.5 million users on its eSports platform. The service lets gamers participate in tournaments and leagues for prizes through automated tournament management and matchmaking.

FaceIt offers virtual coins for actions on the service to encourage people to play more often. The coins can be redeemed for computers,  accessories, merchandise and an assortment of perks..

In the past year, FaceIt has worked with various partners in the eSports ecosystem, including Amazon’s Twitch, Valve, and Time Warner’s Turner Broadcasting and WME/IMG, which have formed their own online-gaming league, dubbed ELeague, and plan to broadcast the tournaments on TV.

The cash is meant to grow FaceIt into a bigger hub for players, gamemakers and advertisers. FaceIt’s basic team management tools are free to maximize the number of users. It costs about $3 a month to join higher-caliber matches or get fancier statistics.

“FaceIt has proven an ability to build mutually successful partnerships with game publishers, major media companies and other industry leaders,” Index Ventures partner Ben Holmes said in a statement.

According to FaceIt, its active users engage in an average of more than three game sessions per day. For developers, the company offers a software development kit to integrate matchmaking and tournaments into their titles to let gamers of all skill levels take part in competitive online games.

Source: Reddit

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