Esports Organization M80 Secures $3 Million in Seed Round for Expansion into Web3

New but rapidly growing esports organization M80 has revealed that they have successfully closed a seed round in which they raised $3 million in funding, with the round led by ExpertDojo, VT Technology Partners and Practical Venture Capital.

The new finances will be supposedly used for esports, consumer products and content creation as the company strives to become “the world’s first web3-enabled gaming and esports organization.”

In order to do that, they’re using the secured funds to set up M80 Labs, an innovation arm that will create and release various consumer products and digital items, while researching innovations found in blockchain, web3, and similar nascent technologies. Through this new department, the organization aims to “unlock new ways for fans to engage with the brand,” with CEO and co-founder Marco Mereu telling GamesBeat that it will be possible to have a stakeholder interest in the organization, though there’s no confirmation on how exactly this process will work and whether it will involve the use of blockchain technologies or not.

M80 is a North American esports organization established in December last year by co-founders Marco Mereu and Nate Schanker. In the few months since, the company has become one of the fastest-growing esports organizations thanks to its successes across various different games, such as Valorant, Rocket League, Rainbow Six Siege and Street Fighter. It’s CEO and co-founder, Marco Mereu, was previously a part of XSET, who have signed Brycent to lead their Web3 gaming expansion.