Australian gaming and esports firm ICON Esports, the father or mother of Australian esports group The Chiefs Esports Membership, introduced that it has secured a $2.15M AUD ($1.66M USD) financing spherical from Australian cost processor SQID Applied sciences to develop its gross sales and enterprise growth exercise and to help progress. The transaction valued ICON Esports at $4.3M ($3.32M).
Canadian Securities Change-listed SQID Applied sciences acquired a 50% fairness curiosity in ICON Esports via the financing spherical. Consequently, ICON Esports’ board of administrators was reconstituted to comprise two nominees of SQID, being its CEO Athan Lekkas and considered one of its non-executive administrators Michael Clarke, and two nominees of ICON, being its CEO Nick Bobir and current board member and investor Nathan Taylor.
ICON Esports shaped in early 2019 when a bunch of buyers acquired Australian esports group Tainted Minds and rebranded it to ICON Esports. Traders included Nathan Taylor, a managing director for capital markets at Commonwealth Financial institution; Raymond Burke, a board member of Highlanders Tremendous Rugby; Edward Abbot, CEO of QMS Sport; Mathew Davey, founder and CEO of Ticketdirect; and Adrian Whittingham, an government director at Pinnacle Funding Administration.
The group initially fielded groups in Counter-Strike: International Offensive, Rocket League, Fortnite, and PlayerUnkown’s Battlegrounds however disbanded all of its groups by June 2019 because it acquired the extra distinguished Australian esports group The Chiefs Esports Membership.
On the finish of November 2020, SQID Applied sciences introduced that it couldn’t proceed to service a big group of its prospects, representing 94% of its whole operations, as a result of lack of ability to adjust to cost card knowledge safety necessities. Following that incident, the corporate began reviewing its group construction and acquisition alternatives to enhance its funds software program and mental property. SQID additionally revealed that it had $3M ($2.32M) in money property to finance an acquisition.
Within the ICON Esports funding announcement, SQID CEO Lekkas talked about that “with the implementation of SQID’s assets together with our cost expertise and cellular platforms, we sit up for persevering with to exponentially develop each companies along with shared objectives and imaginative and prescient for the longer term.” ICON Esports will deal with additional creating income drivers outdoors of the core esports group, together with alternatives within the type of strategic mergers and acquisitions and the launch of its new e-commerce enterprise.