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Despite a massive increase of 158 percent in year-on-year revenues, UK-based esports event organizer Gfinity has reported an overall loss of £3.2 million. Gfinity’s revenue was up to £1.45 million from last year’s £0.56 million. The operating loss for the company was a 12 percent decrease on the previous year’s £3.6 million loss.

According to the company, a number of factors contributed to this development. Gfinity highlights the launches of multiple digital assets, namely, the Tournament Builder app, Gfinity TV, and PC Tournament Client.

Furthermore, the company mentioned its partnerships with Microsoft (Xbox Play Like a Legend FIFAtournament), EA Sports (launch of Battlefield 1), Super Evil Megacorp (Vainglory European Winter Championships), and Gillette (The Gillette Championship) as indicators for a strengthened reputation as a partner for publishers and platform providers.

[perfectpullquote align=”full” cite=”” link=”” color=”” class=”” size=””] “The year to 30 June was a highly successful one for the company, during which we continued to deliver on our strategy to become one of the world’s leading promoters of esports competitions and content,” said Gfinity Co-founder and Chief Executive Neville Upton. “Following the year-end, we were also delighted to complete a further round of funding, which gave us the opportunity to bring in a major new shareholder, Charles Street International, a well-known and successful technology investor, with considerable experience and contacts in related areas. This investment leaves Gfinity well positioned to accelerate its growth strategy into 2017.” [/perfectpullquote]

The additional funding mentioned by Upton was achieved via conditional equity placing and raised an extra £3.7 million.