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Esports Platform M80 Raises $3M In Seed Funding

The esports industry is facing massive competition from the fast-growing web3 gaming industry. However, the intense competition has not prevented new esports projects from sprouting. M80 has now announced raising $3 million in a seed funding round led by ExpertDojo. The other investors that participated in the funding round include Practical Venture Capital and VT Technology Ventures.

M80 raises $3M in seed funding

The amount raised in this funding round will go towards exploring Web3 offerings and increasing the presence of the company across the esports industry. Part of the funding will also go towards content creation and consumer products, according to a statement released by the company.

M80 currently boasts a professional esports team that participates in a wide range of competitive gaming projects such as Rainbow Six: Siege, Rocket League, Street Fighter, and Valorant. The game was co-founded by the CEO Marco Mereu and Nate Schanker. The two previously worked at one of the leading esports organizations known as XSET. Mereu served as the co-founder of XSET, while Schanker led the company’s social media strategy.

Mereu has also addressed the developments across the esports industry, saying that the industry has seen a significant number of layoffs happening across the industry. The industry was also faced with other challenges, such as low stock prices, teams for sale, and striking players. However, Mereu is optimistic that the industry will withstand these challenges.

Optimism around the esports industry

While speaking to a crypto news publication, Mereu opined that the esports industry was being faced with the same set of challenges that are facing any other industry because of economic uncertainty. The uncertain regulatory climate is forcing painful but necessary changes where the teams, publishers, and brands are reevaluating their strategies.

“The esports industry – much like the rest of the world – is navigating economic uncertainty that is forcing teams, publishers, and brands to reevaluate their strategies. I believe the changes the industry makes now will build sustainability long-term,” Mereu said.

In March, Mereu had said that the small team at M80 kept the company financially stable compared to other larger organizations that had high overhead costs. He added that the company was more focused on growing the fan base instead of metrics such as the follower count and the hyper-growth.

The leadership at M80 and the investors are positive about the future of the gaming industry and the potential to have multiple Web3 integration to create a thriving esports sector. The organization has also said that it is exploring DAO communities focused on the same interests and which use crypto tokens to vote on key decisions.

M80 has also announced a plan to release packaged goods. These goods include digital items that have utility in the real world. The project will also focus on innovations across the blockchain and Web3 industries and other emerging technologies.

Mereu also noted that the gaming and esports industry was still growing. He noted that the industry has a global audience of more than 3 billion people. As such, there was much that the industry could be bullish on.

Ali Raza

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