Skillz has raised $25 million in funding for its mobile esports platform from investors including Liberty Global and Telstra.
Back in May 2017, the San Francisco company announced that its revenue run-rate had doubled in the previous eight months to more than $100 million, meaning from May 2017 to May 2018, the company was on track to hit $100 million in revenues.
The San Francisco startup provides a platform to turn any mobile game on iOS and Android into a game you can play with friends or strangers for cash, prizes, or points. And it enables esports tournaments for games that integrate the Skillz platform.
Telstra and Liberty Global are telecommunications companies with 40 million subscribers around the world. Other participants in the round included Sacramento Kings co-owner Andy Miller, Bridge Bank, and existing investors Accomplice and Wildcat Capital.
“With our [second funding round], Skillz partnered with the leaders in sports: the owners of the New England Patriots, Milwaukee Bucks and New York Mets,” said Andrew Paradise, CEO and founder of Skillz, in a statement. “With our [third funding round], we have partnered with the world’s leading media companies in Telstra and Liberty Global. Together we are shaping the future of competition, sports and media.”
Skillz wants to bring esports to the mass market by expanding the category beyond an audience that is currently 85 percent male, according to SuperData Research.
Skillz provides the esports platform for more than 3,000 game studios, and Skillz has hosted more than 100 million mobile esports tournaments. The company was founded in 2012. Its investors include the owners of the New England Patriots, Milwaukee Bucks, and New York Mets.
“This year, the top esport event had more viewers than game seven of the MLB World Series,” said Bruce Dines, vice president at Liberty Global Ventures, in a statement. “It is important for Liberty Global to progressively support new forms of entertainment and content. We’re excited to be a part of the esports growth story and particularly excited to collaborate with Skillz in the creation and development of new esports content.”
The company hosts half a million competitions each day, and it has 100 employees.