RFRSH Entertainment sells its Esport teams for $16.7M

RFRSH Entertainment, a Copenhagen, Denmark-based e-sports agency, announced that it entered into an agreement for selling its esports teams in Counter-Strike: Global Offensive and League of Legends today.

The deal was made for an amount ranging from DKK 75-112M ($11-16M) and involves the divestment of  CS:GO team Astralis and League team Origen to Astralis Group ApS, which is a new Danish esports company. At the same time, RFRSH executives Nikolaj Nyholm, Jakob Lund Kristensen, Kasper Hvidt, and Steen Lauridsen are moving on from RFRSH to Astralis Group ApS.

RFRSH Entertainment was founded in 2016 and led by CEO Nikolaj Nyholm as a media company focused on the esports vertical. The company both operated events (BLAST Pro Series) and did esports team management (Astralis).

SInce its founding, RFRSH Entertainment raised about $24M in funding, from investors including Creandum, Heartcore, Vækstfonden and a range of Nordic angel investors.