Spain-based GGTech Entertainment has secured a $12.4M USD investment from Mexico City, Mexico-based growth equity investment firm Glisco Partners, and investment firm Heart Beat. While the investment is meant to strengthen its existing operations in Europe, the Middle East, North Africa, and Latin America, the focus of the releases emphasizes the company’s plans to expand into the United States.
In a release obtained by The Esports Advocate on Tuesday, GGTech Entertainment Co-Founder and CEO José Parrilla specifically mentions growth prospects in the United States:
“As a leading organizer of multilingual esports events and tournaments in Europe, MENA, and Latin America, we are fully confident in our growth prospects in the United States. Video games, and particularly esports, have been gaining popularity year after year. Our goal is for GGTech to participate in this trend and strengthen its presence in these markets in the coming years. For this, we also have the support of major brands and Publishers with whom we already maintain solid alliances, to contribute to growth in the U.S. market. Additionally, we will be attentive to investment opportunities in the sector.
Alfredo Castellanos, a managing partner of Glisco Partners, also mentioned growth in the U.S.:
“Our investment in GGTech is part of our strategy to support highly disruptive companies to increase their market share and enter the U.S. market. GGTech is especially attractive because of its proven business model and its strategy of leveraging its content production studios in Mexico and Spain to serve the growing U.S. esports market.”
This is important to note because it aligns with reporting from TEA on June 13 about Riot Games putting collegiate and scholastic Valorant and League of Legends competitions in the United States into the hands of a third party. As we reported exclusively, GGTech is expected to secure the rights to operate those competitions.