Razer already had a deep relationship with eSports Mogul and CEO Min-Liang Tan pointed to a shared desire to build up the global gaming community
Razer founder and CEO Min-Liang Tan (Credit: Razer)
eSports Mogul, an eSports tournament platform that is listed on the Australian Stock Exchange, announced today it has raised A$4.41 million (US$3.3 million) in an oversubscribed share placement.
The money will be used to develop its Mogul Arena mobile application — which is an online eSports tournament platform that allows people to play in tournaments online whenever they want. The company will also use the money to pursue aggressive user acquisition.
A share placement is a tool used by a public company to raise cash by shelling equity in the company.
The investment was led by the gaming-hardware company Razer with a significant investment coming from Cloud Alliance, which builds software for game developers.
“Esports Mogul and Razer share a common vision to bring phenomenal gaming experiences to gamers everywhere. We look forward to even greater achievements by the Esports Mogul team and we will work together to increase their growth trajectory,” said Razer Co-founder and CEO Min-Liang Tan in a statement.
Razer also said it would deepen the strategic partnership with eSports Mogul which will involve working together to spread the Razer zSilver online credit system to more people across the world.
The shares were sold at a 20.55 per cent discount — costing A¢1.8 (US$¢1.3) as compared to the average 15-day trading price of A¢2.27 (US¢1.68) per share.
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