Alibaba's eWTP fund leads $12m round for Challengermode

Telia Ventures, GP Bullhound, Back in Black Capital and Swedish football player Zlatan Ibrahimovic also took part in the round.

The new round brings Challengermode's total funding raised so far to $18m, according to Crunchbase.

The company, founded in 2015, will use the proceeds to enable further growth, expand internationally and accelerate monetisation. According to Swedish news website Breakit, the platform generated net sales of SEK 2m in 2019 and a net loss of SEK 21m.

Previous funding
In 2015, Challengermode raised SEK 6m from tech investor Jonas Nordlander.

This was followed by a $1.3m round in 2017, raised from Nordlander, angel investor Filip Engelbert and football player Zlatan Ibrahimovic. 

In May 2018, the company raised $4m from VC firm PikVC and Ibrahimovic.  

Company
Founded in 2014 and based in Stockholm, Challengermode is a provider of an e-sports platform for video game tournaments. The company employs 40 staff, according to its LinkedIn profile, and generated SEK 2m in revenues in 2019, according to Breakit. 

People
Challangermode – Robel Efrem (co-founder, CEO). 
eWTP – Yang Chen (managing partner, Joyme Capital).

Advisers
Company – SEB Corporate Finance (financial due diligence); Advokatfirman Schjødt (legal).

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