Gaming Leader Tier One Entertainment Raises Pre-Series A Financing to Expand in Asia
Southeast Asian gaming and esports entertainment provider Tier One Entertainment has raised an undisclosed amount in its Pre-series A round of financing. The round was led by Gobi Partners through Gobi-Core Philippine Fund, which is a joint venture with Core Capital. Also participating in the round were: Warner Music Group, Octava, KAYAC Inc., and Atlas Ventures.
Tier One Entertainment is one of the largest gaming and esports entertainment providers in Southeast Asia, with over 420 talents from around the region. It currently operates in the Philippines, Malaysia, and Myanmar, with some of the most popular gamers under its umbrella. Tier One was founded in 2017 by famous esports players Tryke Gutierrez and Alodia Gosiengfiao and entrepreneur Brian Lim.
“The gaming industry is going through a golden age and this funding will help accelerate our growth by allowing us to replicate our success in other markets,” said Gutierrez, CEO of Tier One Entertainment. “We firmly believe that we are an Asian behemoth in the making and now that we have more support from established venture capital firms around the globe, Tier One Entertainment is now poised for explosive growth.”
The global video game market has been steadily growing in recent years, with its current market value estimated to be $138.4 billion in 2021. Meanwhile, the global esports market is valued at roughly $1.08 billion, and is expected to balloon to $1.6 billion in three years.
With Tier One’s latest round of financing, the company will hire back-end teams to support talents, expand operations in its esports team Blacklist International, and set up its first content creation hub in the Philippines.
“With the growth of mobile gaming, streaming, and esports as an avenue for youth entertainment, we came up with the foresight to develop and house these talents by building our very own YG Entertainment of gaming,” said Gosiengfiao.
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