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BLAST Secures A €12.7 Million Investment
- BLAST raises €12.7 million investment
- The company plans to use the money to further expand its presence in the esports scene
- BLAST secured funding despite showing a loss of over €11.5 million in 2022
BLAST Esports (Getty Images)
BLAST, widely known as one of the biggest esports tournament organisers in Counter-Strike, has raised €12.7 million investment in the latest funding round. The Denmark-based tournament organiser intends to use the money to accelerate its growth and expand its presence in the esports industry.
On Thursday, September 28, BLAST confirmed that it raised €12.7m (~$13.4M USD) in the latest funding round from the Export and Investment Fund of Denmark (EIFO) and many of BLAST's internal investors.
The Danish esports tournament organiser shared its plans for the future, which revolve around upscaling its technology and broadcast infrastructure – a project which already started earlier this year with the introduction of a new live streaming platform, BLAST.tv.
Over the last 12 months, BLAST expanded its presence in the esports scene with the Counter-Strike Paris Major, which was BLAST's first CS Major and the final Major of the Counter-Strike: Global Offensive era.
The company also shared its intentions to use the money to continue its global expansion to produce esports events worldwide while continuing its partnership with game publishers such as Ubisoft, Valve, and Epic Games – with whom BLAST already works to produce competitions in Rainbow Six Siege, Counter-Strike, and Fortnite.
This is not the first time BLAST secured a +€12 million investment. In 2020, BLAST already raised €12.5 million from state investment fund Vækstfonden, which, together with two private funds, became the largest shareholder in 2018.
The latest investment comes just a couple of months after BLAST revealed its annual report for last year, which showed a loss of over €11.5 million across BLAST ApS, BLAST Esport Limited, and BLAST Tech ApS. However, the loss was not due to the fall in revenue.
In fact, BLAST's revenue increased from €13.4 million in 2021 to €31.6 million in 2022. And even though BLAST expects to see another €4 - €6 million loss in 2023, the company should break even for the year.
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