One of the world’s leading esports racing platforms has revealed ambitious plans to launch a pre-IPO funding round to support its ongoing, rapid growth, ahead of its ultimate goal to set a public offering in motion within the next 12 months.
Veloce, which operates multiple top-level pro-esports teams, the largest racing media network in competitive gaming, and an electric off-road racing team in the Extreme E series–making it the world’s first esports organization to acquire a real-life sporting franchise–hopes to build on the success of a 2020 Series A funding round, which yielded over $5.5 million, despite hesitant investment conditions.
With its latest round of funding, the British-based organization aims to invest further into its platform and leagues, which attract over 215 million views per month across its channels, as well as its joint-venture esports teams, which are headlined by its partnerships with F1 titans McLaren, Alfa Romeo, and Mercedes.
It also works with the number-one Emirati esports squad Yas Heat through a high-level collaboration with the Abu Dhabi government, and is currently establishing the up-and-coming Quadrant team alongside McLaren F1 driver Lando Norris.
Veloce also signaled intentions to develop climate-conscious racing technology, which its team demonstrates in Extreme E, where it goes up against world-champion drivers including Carlos Sainz, Jenson Button, and Sebastien Loeb. It’s also exploring the potential of developing its own game title, but Veloce remains tight-lipped about its diversification into software.
However, the organization won’t return to wider competitive esports in the short-term. Veloce operated a successful team in the 2019 Rocket League World Championship series–finishing second in Europe and sixth worldwide–but shut down its competitive squads due to restrictions brought about by the coronavirus outbreak.
Explaining his comprehensive strategy of investment and development in gaming, Veloce CEO and co-founder Rupert Svendsen-Cook said: “Through a combination of our agile team, strong governance, and a balanced board with reputable and experienced investors, we are excellently positioned to continue to drive tangible value across all of our assets.”
Eric Tveter, chairman of Veloce, added: “Veloce operates in innovative, dynamic and rapidly moving sectors, requiring the business to be nimble and able to evaluate new opportunities quickly. With our investments into hyper-growth markets, a diverse set of lucrative revenue streams, and a strong management team, I am confident Veloce is best suited to thrive and succeed in the modern gaming, media, sport, and entertainment sectors.”