T1 to Raise $35m

T1 to Raise $35m

Mergers and Acquisitions

27 November 2024 01:04

South Korean esports organization T1 Esports has announced plans to raise $35 million to support its growth.

Joe Marsh, CEO of T1 Entertainment & Sports, revealed that part of the funds will be used to expand the T1 Base Camp, a PC gaming café that opened earlier this year in Seoul, South Korea. This announcement comes after T1’s record-breaking fifth League of Legends World Championship victory, with Marsh stating that the organization is aiming for its "biggest expansion" yet, leveraging the momentum from this achievement.

More:Rockors at Games.con 2024

Marsh highlighted that the gaming cafes represent a "revenue-generating, cash-flow business" that T1 plans to grow by capitalizing on its strong brand. The company is exploring opportunities to open new locations in Japan, Vietnam, Singapore, and China. Since its opening, the T1 Base Camp has become the top PC gaming café in South Korea.

Additionally, T1 plans to expand its live events operations after hosting its first homestand matches this year. The T1 Home Ground event, held at the 6,200-seat Goyang Sono Arena, featured official League of Legends matches with a home crowd, generating over $1m in revenue from ticket sales, food and beverage, and merchandise, according to Marsh.

Tags: T1

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T1 to Raise $35m

Mergers and Acquisitions

27 November 2024 01:04

Tags: T1

South Korean esports organization T1 Esports has announced plans to raise $35 million to support its growth.

Joe Marsh, CEO of T1 Entertainment & Sports, revealed that part of the funds will be used to expand the T1 Base Camp, a PC gaming café that opened earlier this year in Seoul, South Korea. This announcement comes after T1’s record-breaking fifth League of Legends World Championship victory, with Marsh stating that the organization is aiming for its "biggest expansion" yet, leveraging the momentum from this achievement.

More:Rockors at Games.con 2024

Marsh highlighted that the gaming cafes represent a "revenue-generating, cash-flow business" that T1 plans to grow by capitalizing on its strong brand. The company is exploring opportunities to open new locations in Japan, Vietnam, Singapore, and China. Since its opening, the T1 Base Camp has become the top PC gaming café in South Korea.

Additionally, T1 plans to expand its live events operations after hosting its first homestand matches this year. The T1 Home Ground event, held at the 6,200-seat Goyang Sono Arena, featured official League of Legends matches with a home crowd, generating over $1m in revenue from ticket sales, food and beverage, and merchandise, according to Marsh.

Share:

Sources:

Report mistake   

Submit news   

Related news

View All

Cho "Mata" Se-hyoung Joins T1

Following their 2024 Worlds victory, T1 has expanded its coaching staff with Mata, a legendary LCK player and 2014 Worlds...

Transfer Market

Nov 22, 2024

Oner Extends Contract

Worlds 2024 champion Oner has secured his future with T1, signing a new contract that will keep him with the...

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Nov 15, 2024

T1 Rose Together Documentary Announced

Red Bull Media House has announced that the feature-length documentary, T1 Rose Together, will premiere globally on September 20, 2024. The...

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Sep 02, 2024

T1 Partners with HSBC

HSBC is joining forces with T1, to engage in a promotional campaign. This partnership aims to promote HSBC's HSBC One,...

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Mar 06, 2024

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Korean esports organization T1 announced that the company extended the contracts of hoi “Zeus” Woo-je, Lee “Gumayusi” Min-hyeong, and Ryu...

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