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Major esports investor CrossCut Ventures raises $125 million

first_imgCrossCut Ventures, which includes north American esports titan Immortals amongst the companies in its investment portfolio, has raised $125 million (£93.7m) for its fourth seed fund.Alongside esports, the venture capital firm invests in gaming, artificial intelligence, software-as-a-service, and both virtual and augmented reality startups. The Los Angeles-based fund will continue to target startups, and comfortably exceeded its initial target of $100 million raised, hitting the cap of $125m.CrossCut describes itself as the ‘company-building capital of LA’ and have a broad area of focus they describe as the ‘social tech ecosystem’.An initial fundraising round in 2008 supplied the company with $5 million, and since then they haven’t looked back. The total investment from the company to date stands at $50 million (£37.5m), with its 70 startups going on to raise $1.3 billion in follow-on capital funding.CrossCut now lists 41 active projects in its portfolio. The esports contingent features Immortals, content production platform Blitz Esports, and Boom.TV, a social entertainment platform for esports. In August they were also announced as an investor in Super Evil Megacorp, the developer behind popular mobile MOBA Vainglory. The game has become the leading mobile esport in the West.CrossCut’s fourth funding round is large enough to more than double the company’s total funding raised thus far. In an interview with VentureBeat, company co-founder and Managing Director Brian Garrett revealed that each of the company’s four managing directors focuses on a separate area, utilising a “founder first” approach to building relationships, which he believes is indicative of the “Southern California tech ecosystem.” Garrett also commented that he credits their Los Angeles home for allowing the venture fund to stand out from obscurity.“We believe that small VC investments make sense, and that standing apart from Silicon Valley has served us well,” he said. “We’ve played a small role in catalysing this region since 2008.”Esports Insider says: CrossCut have been a key player in funding some notable names in esports and the wider tech industry. Here’s hoping that this latest round of funding helps further galvanise the esports ecosystem.last_img read more

Tom Brady, Peyton Manning to join Tiger Woods-Phil Mickelson rematch for coronavirus relief

first_imgCNBC reported that it will be Brady and Mickelson vs. Manning and Woods in a two-on-two charity match scheduled as a live event likely in May, orgranized by the PGA Tour and AT&T’s Warner Media.MORE: NFL’s Nickelodeon connection has us comparing QBs to “SpongeBob” charactersAlthough an initial report from veteran golf journalist Robert Lusetich suggested the event would be on pay-per-view, Brady-Mickelson vs. Manning-Woods is more likely to air on a Turner Sports network, per CNBC.Hearing Tiger v Phil II might indeed be happening as a PPV event but that the caveat is that each will have a partner. Two names being mentioned? Tom Brady and Peyton Manning.— Robert Lusetich (@RobertLusetich) March 30, 2020When Woods and Mickelson had their much-hyped one-on-one match in 2018 in Las Vegas, it was broadcast by Turner Sports. Mickelson won the $9 million winner-take-all thriller by edging Woods after 22 holes. Tom Brady remains the biggest sports story in 2020, the year mostly without sports. Although regular PGA Tour play is suspended, recreational golf is still one sports outlet available for many of the Amercians who are under stay-at-home or shelter-in-place orders because of the coronavirus pandemic. Now Brady playing golf is part of the story.Before Brady gets into action for his new NFL team, the Tampa Bay Buccaneers, he’s about to hit the links to help Tiger Woods and Phil Mickeson raise money for COVID-19 relief — along with good friend and former quarterback rival Peyton Manning. With coronavirus social-distancing measures in place in 2020, CNBC also reports the match would strictly follow all the guidelines, including no crowd, a skeleton production crew and all four golfers keeping six feet apart throughout the event. There also won’t be same location hype, as the golf course at which Brady, Mickelson, Manning and Woods play will remain udisclosed until the event.Speaking of Vegas, with sportsbooks hungry for live sports, it didn’t take long for the match to have betting odds. According to SportsBetting.ag, Manning and Woods, both 44, would be considerrable favorites at -180, while Mickelson, 49 and Brady, 42, would be significant underdogs at +140.Brady and Manning have had a ton of fun playing golf and taking gentle jabs at each other’s games. Should Manning emerge victorious with Woods, Brady already has his excuse ready.Not true. Peyton is the better golfer right now. He’s had much more practice these past few years. https://t.co/etoGOmd0c0— Tom Brady (@TomBrady) February 7, 2020last_img read more