MLG Secures $25 Million From Oak Investment Partners
By MLG Admin | Published: December 15, 2006 7:29am EST
| NEW YORK CITY—DECEMBER 14, 2006—Major League Gaming, the world's first professional video game league, today announced that it has secured $25 million in series B funding from Oak Investment Partners. The financing will be used to expand the League, both in the US and globally. Ed Glassmeyer, managing partner of Oak Investment Partners, has joined the Board of Directors. The funding is the latest milestone in what has been a seminal year for MLG, including the recent debut of a TV series on USA Networks tracking the 7-city Boost Mobile MLG Pro Circuit, the acquisition of Gamebattles.com, million-dollar management deals with the world’s top pro gamers, and the signing of major sponsors like Boost Mobile, Red Bull, Gamestop/EB Games, and Scion. “When we saw the excitement of MLG’s live competitions, which they’ve successfully translated into TV programming, and their MLGpro.com site hosting a rapidly growing community of aspiring gamers, there was simply no question that MLG had tapped into something really powerful,” said Ed Glassmeyer, Managing Partner, Oak Investment Partners. “We look forward to working with the management team to rapidly expand its global brand and new media properties.” MLG is poised to become the first major media company that arises out of the video game industry, creating new opportunities for players, developers, publishers, media partners, and advertisers. MLG aims to shape the excitement and enthusiasm around competitive gaming into the first major video game entertainment brand. By packaging video game competition for the mass market, the company will provide all of these stakeholders a direct connection with the global community of gamers. “We proved this year that we have the best community of players, fans, and sponsors to make professional video gaming a mainstream phenomenon,” said Mike Sepso, co-founder and CEO of MLG. “We’re thrilled to work with such a venerable firm like Oak to expand the reach of our properties and sports entertainment experiences.” ABOUT OAK INVESTMENT PARTNERS Oak Investment Partners (Oak) is a multi-stage venture capital firm with a total of $8.4 billion in committed capital. Oak’s investment focus is on high growth opportunities in communications, information technology, internet new media, financial services information technology, healthcare services and consumer retail. Over a 28-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 400 companies at key points in their lifecycle. Oak has been involved in the formation of companies, funded spinouts of operating divisions and technology assets, and provided growth equity to mid- and late-stage private businesses and to public companies through PIPE investments. ABOUT MAJOR LEAGUE GAMING MLG is the first professional video game league. By raising video game competition to the level of professional sport, the company is creating a sports media business that provides players, developers, publishers, media partners, and advertisers a unique connection to the video game lifestyle enjoyed by 168 million Americans. With the support of major sponsors, MLG operates a pro tour that in 2006 will make 7 stops in major cities across the U.S., exclusively featuring the best gamers in the world. We produce a variety of online and broadcast-quality programming that showcases MLG's pros and host an active and growing on-line community of aspiring and established gamers. More information can be found at http://www.mlgpro.com. # # # |
login or register to post comments
login or register to post comments
login or register to post comments
login or register to post comments
login or register to post comments
login or register to post comments
login or register to post comments
login or register to post comments
login or register to post comments
login or register to post comments