Play-to-earn esports organiser Ignite Tournaments has raised $10 million to create a mobile play-to-earn esports tournament and streaming platform.
The total investment comes from a seed round in December 2021 that raised $3 million, followed by a strategic funding round in February 2022 that raised the remaining $7 million.
The most recent funding round was co-led by blockchain-focused VC Animoca Brands, Infinity Ventures Crypto, and Moon Holdings Fund.
With the funding, Ignite will use the funding to build upon the firm’s operations and infrastructure. The company has claimed that it can transform any mobile game into a play-to-earn title and will use its tournaments to see this through.
Playing to earn
"Animoca Brands has built its success by investing in and partnering with projects with strong fundamentals both in and out of the gaming industry," said Animoca Brands CEO of North America Robby Yung.
"It is under this exciting context that we are eager to both invest in as well as to explore integrating our games with Ignite Tournaments."
Mobile esports are quickly on the rise, with Newzoo predicting 2022 will be a big year for growth in the maturing sector. Evidencing this, earlier today German esports organisation ESL Gaming announced a partnership with Qualcomm to launch multi-genre esports competitions.