South Korean esports administration group DRX has secured a $10M USD Collection A funding to strengthen its infrastructure and welfare for gamers, world content material manufacturing, and advertising and marketing efforts. Contributors within the financing spherical included KOSPI-listed world exporter of luxurious purses JS Company, Seoul Funding Companions, Quantum Enterprise Korea, Shinhan Capital, Wonik Funding Companions, and Devsisters Ventures.
Moreover, Korean actor Bae Yong-joon, who was awarded the Korean Hwa-Gwam Order of Tradition Benefit by the Korean Ministry of Tradition, Sports activities, and Tourism in recognition of his contribution to Korean tradition, joined as a shareholder in DRX and also will function an advisor for DRX specializing in strengthening the staff’s world branding.
DRX operates a staff within the League of Legends Champions Korea (LCK), which is at present main the standings. Furthermore, the group runs three academy groups to develop younger expertise and developed an enormous knowledge system to find proficient gamers. The funding prepares the group financially for the upcoming franchising of the LCK, as current groups resembling DRX should pay a flat entry payment of $8.2M if accepted into the brand new league format.
DRX’s largest shareholder ATU Companions, which is invested through its ATU eSports Progress Fund No.1, and its mother or father firm Kibo Metal shared their intention to take a position a further $12.5M going ahead. Kibo Metal, a metal manufacturing and distribution firm that recorded $420M in revenues for 2019 and complete property of $182M, is owned by the household of DRX Chairman and ATU Companions CEO Park Jung-moo.
The ATU eSports Progress Fund No.1 was launched with preliminary funding of $17M in late 2019 and purchased a majority stake in DRX and a stake in expertise company AZYT. In an interview with The Esports Observer in December 2019, Park revealed that ATU Companions is focusing on to create a second esports progress fund in Q3 2020, aiming at preliminary funding of $50M to hunt funding in Asian and U.S. digital knowledge platforms & analytics options, and training platforms.