Competitive gaming league Major League Gaming says it'll soon close a $10 million funding round thanks to a private equity firm focused on its target demographic, and that it's now raised $52.5 million to date.
Legion Enterprises was the lead investor, and says it "invests in, acquires and develops companies appealing to the 16-24 year old male demographic of digital mavericks." The company says it's decided Majo League Gaming is "the first in a wave of digital natives" driving it to invest in video games alongside other vertices like music, sports and "over-the-top television."
MLG says it now reaches about 4.5 million users online, as the league has grown its internet and live event presence, gained more sponsors and partnerships with companies like Electronic Arts
The group claims more than 600,000 viewers per live broadcast of Pro Circuit weekend competition events. It's recently redesigned its web hub and promises "extensive" social networking and video functionality to roll out in the months ahead.
"Over the last eight years we have set out to build competitive gaming into a global, cross-platform business and thanks to investments from companies like Legion Enterprises and Oak Investment Partners, that vision is well on its way to becoming a reality," said co-founder and CEO Sundance DiGiovanni.