With a booming gaming population spread across the continent, Thailand, and Singapore based esports entertainment startup firm Ampverse has announced the completion of a pre-Series A funding round on Tuesday. In what the company describes to be an oversubscribed round, the fund secured will assist the startup in the growth of Esports across South East Asia.
The company saw leading investors from the media field, finance sectors, as well as the tech and global gaming spheres, all come together and participate in its latest funding round. The round also comes on the back of a successful accelerated growth strategy, which saw a 150% annual revenue growth from the first half of 2019 to the first half of 2020.
Ampverse plans to use the funds raised to expand the company regionally across South-East Asia, a mission that will be supported by a 100% headcount increase over the course of the next year. The company is also planning on a program of Mergers and Acquisition investments across local markets to assist in the growth.
Founded in the year 2019, the company aims to raise awareness, build, grow, engage, place products and consider purchases among the Gen-Z audience in South East Asia, while working hand in hand with partnering brands.
Ampverse’s impressive portfolio boasts of a variety of high profile investors including Robert Gilby, former Managing Director of Disney Southeast Asia, Axel Wehr, partner at Firestartr, Alex Khan, Group Managing Director of video ad tech company Unruly, Matt Sutton, entrepreneur-in-residence at INSEAD, and David Ng, goGame’s founder, and CEO.
The company has also seen further investments from Vulpes Investment Management, a reputed early-stage investor in two Singapore based companies PropertyGuru and Trax, via its Vulpes Special Opportunities Fund- a fund that was launched this year to invest in companies that show a strong growth opportunity in a post-COVID 19 world.
Ampverse views video gaming as a cultural marker in South East Asia and identifies the region to represent the fastest-growing gaming market on a global level, where according to studies, almost 82% of the urban online population identifies as gamers. Hence, the opportunity for growth is endless and the growing market would assist the company in its mission to work for the development of esports within the region.