G:Loot raises SEK 100M, hints at a public listing within a year
G:Loot, a Stockholm, Sweden-based company managing an esports platform, announced securing SEK 100M ($12.2M) in a fresh investment funding.
The money comes from investors including Swedbank Robur and Norron and is a signal that the company intends to publicly float its shares within a year - Swedbank Robur funds have the mandate to invest in unlisted companies if the specific company has a plan to take notice for listing within one year.
G:Loot incorporated in 2017, was founded as Gumbler in 2014 and is led by the same CEO, Patrik Nybladh. The company manages an esports platform that lets gamers of mobile, tablet and PC games to compete and win real money against friends and random opponents.
Gumbler was not a profitable company in 2016, as it recorded SEK 5.6M ($700k) losses at a SEK 15.1M ($1.8M) turnover. The company raised SEK 45M ($5.3M) in 2016 from a range of local investors, including Inbox Capital and Accum Kapital.