BLAST Raises $2.2M Financing at an Estimated $46M Valuation
Danish esports tournament organizer BLAST announced that it has raised a £1.7M GPB ($2.2M USD) investment from U.K.-based creative economy growth investor Edge Investments. The funding was facilitated through Edge Investments’ £40M ($52.8M) Edge Creative Enterprise Fund, which is partially backed by the British Business Bank.
The company plans to use the investment proceeds and Edge Investments’ network to “accelerate its international expansion and optimize its production capabilities while bolstering its broader UK operations as it looks to further tap into the nation’s strong media talent pool.“
According to the Danish business register, a change of BLAST’s capital was made on Nov. 9 with a nominal value of kr10,590.66 DKK ($1,686.98), representing a 4.74% stake in the company’s total capital of roughly kr223.5K ($35.6K). Based on those numbers, the $2.2M investment puts BLAST’s post-money valuation at an estimated $46.4M, which is a slight increase from an estimated $43.5M post-money valuation at which the company raised an £11M ($14.5M) investment earlier this year in May.
Based on BLAST’s 2019 revenues of kr66.3M ($10.6M), which were primarily offset by kr107M ($17.1M) in cost of sales, the investment values the company at a 4.4x revenue multiple. In total, BLAST concluded 2019 with a loss of kr79.8M ($12.7M).
Yesterday, BLAST announced a new partnership with the British Broadcasting Corporation (BBC), as part of which, BLAST’s final three Counter-Strike: Global Offensive events of the 2020 season will be shown on the UK public-service broadcaster’s digital platforms.
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