Swedish esports platform Challengermode has secured a $12 million (£9,132,180) investment led by Alibaba investment arm eWTP Innovation Fund.
The capital will be used to “enable further growth, international expansion and accelerated monetization” for the platform.
Additional contributors to the investment include Telia Ventures, GP Bullhound, Back in Black Capital, and Swedish professional footballer Zlatan Ibrahimovic. Challengermode wants to help brands, content creators, and developers to “reach, engage and monetize their target audiences” through esports.
Robel Efrem, Co-founder and CEO of Challengermode, spoke on the investment in a release: “We are very excited to close this new financing round with the support of a strong set of investors who share our vision for esports.