Challengermode announced raising $12 million from Alibaba Group
Challengermode, a Stockholm, Sweden-based company operating an esports platform, announced that it raised an external financing round of $12 million.
The round was led by eWTP Innovation Fund, the global investment arm of the Alibaba Group, and included contributions from Telia Ventures, GP Bullhound, Back in Black Capital, and Swedish soccer legend Zlatan Ibrahimovic.
Proceeds will be be used to enable further growth, international expansion, and accelerated monetization. The company aims to work with developers to integrate the Challengermode technology into their products to further give players a chance to compete as easily as possible.
Challenger Mode, founded in 2013 and led by CEO Robel Efrem, developed an esports platform where gamers meet to compete and socialize around the biggest computer and console games in the world. The platform is accessible for users interested in being part of games such as League of Legends and Counter-Strike: Global Offensive tournaments together with other dedicated gamers and teams.
Prior to this round, Challenger Mode raised about $6 million.