XSET Secures $15m In Series A Funding Round
XSET, a North American ‘gaming and lifestyle’ brand, has announced the completion of its Series A funding round, which secured $15 million in capital for the firm. This is a huge step forward for the company, which has only just celebrated its second year of operation. Since 2020, XSET has taken huge strides forward in the esports industry, signing numerous top-tier content creators and esports teams.
Now, XSET seeks to transcend esports on a gaming level, working to broaden its horizons and reach out further across the industry. Reportedly, the capital acquired in the funding round will be used to invest internally, with XSET’s executives seeking new talent and bettering its marketing initiatives. This Series A funding round was led by LightWork Worldwide, a lifestyle brand that is aligning itself closely with XSET, and it was backed by several organisations neck-deep in NFT, web3, and metaverse operations.
What’s Next For XSET?
When XSET was founded in 2020, it faced a tough year ahead, emerging at a time when the world was struggling under the weight of a pandemic. However, the organisation pushed onwards with great tenacity, and today, the brand is equal parts well-built and well-known. Recently, XSET’s Valorant roster stormed to a Valorant victory, securing the top spot at the NA leg of the Valorant Champions Tour.
At present, XSET competes in Valorant, Rocket League, Rainbow Six Siege, Splitgate, Fortnite, Call of Duty: Warzone, Halo, Apex Legends, iRacing titles, and fighting games. It’s a diverse and dynamic firm that also boasts a long roster of content creators, and collectively, XSET has a reach that numbers in the millions.
Speaking on the funding round, Greg Selkoe, the CEO of XSET, said:
XSET is going to be the dominant brand in gaming lifestyle, and we believe we can grow something massive without burning huge amounts of capital or compromising our values. We do this by being authentic and showing up every day to innovate and providing value across everything our fans love from gaming to streetwear. We will always put the XSET fans first.
With the wider community sitting at the core of XSET’s esports operations, those at the top of the organisation recognise the value found in content creation and top-tier esports tournaments. As the final touches are applied to the $15m funding round, new avenues of opportunity are undoubtedly opening up for XSET.
Brands Becoming Bigger
Recently, we’ve seen many companies making huge waves in the esports industry. This week, FaZe Clan became publicly listed on the NASDAQ, becoming the first organisation of its kind to do so. It was a monumental moment for esports in general, with FaZe Clan picking up a whopping $725m valuation and opening on the markets with a $13-per-share value.
Recently, we spoke of massive growth in the esports industry, with the market as a whole decimating expectations and climbing ever upwards in terms of revenue. It was revealed in a report by Newzoo that the esports market is expected to generate approximately $1.8 billion in revenue by the end of 2022, and organisations like XSET are poised to lead the charge where that growth is concerned.