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Community Gaming raises $16m in SoftBank-led funding round

Community Gaming raises $16m in SoftBank-led funding round

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The competitive gaming platform Community Gaming has closed a $16m Series A funding round led by SoftBank Group’s SB Opportunity Fund. The funding will help drive the company’s expansion into Latin America and Southeast Asia.

Japanese conglomerate SoftBank launched the $5bn fund in 2019. A $3bn follow-up fund was launched in September, and Chris Gonsalves, CEO of Community Gaming, says: “North America will still be our biggest market, but we’re seeing the most organic growth in Latin America.”

Community Gaming is a platform that lets gamers create their own esports tournaments and gaming competitions for any game. Web 3 is baked into the equation through blockchain-based sign-ups and instant payments. Earlier this year, the Community Gaming platform reached 100,000 unique registered users.

Community Gaming is also set to launch a ‘Quests’ feature, rewarding users for time spent on the platform rather than just paying top tournament winners, “You could think of it like a loyalty system or a retention system where you’ll be able to complete quests every single day that earn you lesser amounts of money,” said Gonsalves.

Other participants in the funding round included Animoca Brands, Binance Labs, BITKRAFT Ventures, Griffin Gaming Partners and CoinFund.