Gen.G fans watch their team at the League of Legends World Championships in November 2018.
Apr 17, 2019
Gen.G, a multigame esports organization and parent company of the Overwatch League’s Seoul Dynasty, have raised $46 million in funding, featuring investment from Will Smith and Los Angeles Clippers minority owner Dennis Wong, the company announced Wednesday.
The round is the latest major fundraising round and second largest of all time for an esports team. In October, fellow Overwatch League team owner Cloud9 raised $53.7 million in a round led by Chicago-based firm Valor Equity Partners. Gen.G declined to disclose the valuation of their company, as well as who led this round.
Contributing to the Gen.G round will be Wong, former Alibaba Group executive Michael Zeisser, MasterClass co-founder David Rogier, and the Dreamers Fund, which features Smith and Japanese soccer star Keisuke Honda as two of its main shareholders. Other institutions investing in Gen.G include New Enterprise Associates, Conductive Ventures, Battery Ventures, Canaan Partners, SVB Capital and Stanford University.
“As we started to scale up the outreach, we really weren’t feeling that we were in need of doing a round at this point,” Gen.G CEO Chris Park told ESPN.